Genco Shipping & Trading (NYSE:GNK) Issues Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Genco Shipping & Trading beat quarterly expectations: EPS came in at $0.65, exceeding the $0.59 consensus by $0.06, while revenue reached $136.41 million versus estimates of $89.86 million. Revenue increased 68.5% year over year, compared with a $0.16-per-share loss in the prior-year quarter.
• Shares slipped despite the earnings beat, trading down $0.36 at $25.61. The stock remains near its 52-week high of $27.25 and has a market capitalization of approximately $1.12 billion.
• Analyst sentiment is moderately positive: Genco has an average “Moderate Buy” rating, with one Strong Buy, two Buy and two Hold ratings; the average price target is $23.67, below the reported share price.

Genco Shipping & Trading (NYSE:GNK - Get Free Report) issued its quarterly earnings data on Wednesday. The shipping company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06, FiscalAI reports. Genco Shipping & Trading had a return on equity of 2.49% and a net margin of 4.38%.The business had revenue of $136.41 million for the quarter, compared to analysts' expectations of $89.86 million. During the same quarter in the prior year, the firm posted ($0.16) EPS. The firm's quarterly revenue was up 68.5% on a year-over-year basis.

Genco Shipping & Trading Price Performance

Shares of NYSE:GNK traded down $0.36 on Wednesday, hitting $25.61. The company's stock had a trading volume of 405,674 shares, compared to its average volume of 287,046. The company has a market capitalization of $1.12 billion, a PE ratio of 67.39, a PEG ratio of 3.18 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.98 and a quick ratio of 2.41. The company has a 50-day simple moving average of $24.65 and a 200 day simple moving average of $23.47. Genco Shipping & Trading has a 1 year low of $15.55 and a 1 year high of $27.25.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in Genco Shipping & Trading by 0.8% during the fourth quarter. Invesco Ltd. now owns 125,535 shares of the shipping company's stock valued at $2,314,000 after purchasing an additional 935 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Genco Shipping & Trading during the 4th quarter valued at $1,070,000. Voloridge Investment Management LLC purchased a new position in Genco Shipping & Trading in the fourth quarter worth $201,000. Millennium Management LLC increased its stake in Genco Shipping & Trading by 100.3% in the fourth quarter. Millennium Management LLC now owns 543,290 shares of the shipping company's stock valued at $10,013,000 after acquiring an additional 272,094 shares during the last quarter. Finally, Boothbay Fund Management LLC increased its stake in Genco Shipping & Trading by 80.8% in the fourth quarter. Boothbay Fund Management LLC now owns 181,765 shares of the shipping company's stock valued at $3,350,000 after acquiring an additional 81,235 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GNK has been the subject of a number of recent analyst reports. Weiss Ratings raised Genco Shipping & Trading from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 8th. Zacks Research raised shares of Genco Shipping & Trading from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Alliance Global Partners restated a "neutral" rating on shares of Genco Shipping & Trading in a research report on Wednesday, June 17th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $29.00 price objective on shares of Genco Shipping & Trading in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $23.67.

About Genco Shipping & Trading

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company's fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco's focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.

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