Euroseas (NASDAQ:ESEA) Announces Earnings Results, Beats Expectations By $0.33 EPS

Key Points

• Euroseas reported a $4.20 EPS for the quarter, exceeding analysts' expectations of $3.87 by $0.33.
• The company announced a quarterly dividend of $0.70 per share, up from the previous $0.65, representing an annualized yield of 5.0%.
• Wall Street analysts have raised their target price for Euroseas shares, with Maxim Group increasing it from $57.00 to $62.00 and maintaining a "buy" rating.

Euroseas (NASDAQ:ESEA - Get Free Report) posted its earnings results on Wednesday. The shipping company reported $4.20 EPS for the quarter, beating analysts' consensus estimates of $3.87 by $0.33, Zacks reports. Euroseas had a net margin of 58.28% and a return on equity of 31.70%. The company had revenue of $57.23 million during the quarter, compared to analysts' expectations of $53.31 million.

Euroseas Stock Performance

NASDAQ:ESEA traded down $0.43 during mid-day trading on Thursday, hitting $56.03. The company's stock had a trading volume of 33,994 shares, compared to its average volume of 35,853. The business's fifty day moving average is $47.97 and its two-hundred day moving average is $38.17. The stock has a market cap of $392.77 million, a price-to-earnings ratio of 3.02 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.74 and a quick ratio of 1.68. Euroseas has a 1 year low of $26.30 and a 1 year high of $56.95.

Euroseas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 9th will be given a dividend of $0.70 per share. This is a boost from Euroseas's previous quarterly dividend of $0.65. This represents a $2.80 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, September 9th. Euroseas's payout ratio is presently 14.00%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ESEA. Maxim Group increased their target price on shares of Euroseas from $57.00 to $62.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Wall Street Zen raised shares of Euroseas from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st.

Institutional Investors Weigh In On Euroseas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ESEA. Bank of America Corp DE grew its position in Euroseas by 1,611.0% during the 4th quarter. Bank of America Corp DE now owns 1,865 shares of the shipping company's stock worth $68,000 after purchasing an additional 1,756 shares during the period. Geode Capital Management LLC acquired a new stake in shares of Euroseas during the 2nd quarter valued at about $226,000. Finally, Jump Financial LLC acquired a new stake in shares of Euroseas during the 2nd quarter valued at about $260,000. 6.27% of the stock is owned by institutional investors and hedge funds.

About Euroseas

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.

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