Himalaya Shipping (NYSE:HSHP) Shares Down 5.9% - Here's What Happened

Key Points

• Himalaya Shipping shares fell 5.9% on Thursday, trading as low as $14.53 after closing at $15.28, with volume well below normal.
• Analyst sentiment is cautious, with Wall Street Zen downgrading the stock to “buy,” Weiss Ratings reaffirming a “hold (c+),” and the overall average rating sitting at Hold.
• The company recently missed EPS estimates but beat revenue expectations, reporting $0.11 per share versus $0.13 expected on $34.9 million in revenue, and it also announced a $0.22 per-share dividend payable July 28.

Himalaya Shipping Ltd. (NYSE:HSHP - Get Free Report) shares dropped 5.9% on Thursday . The stock traded as low as $14.53 and last traded at $14.3750. 68,051 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 338,901 shares. The stock had previously closed at $15.28.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on HSHP shares. Wall Street Zen downgraded shares of Himalaya Shipping from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. Weiss Ratings restated a "hold (c+)" rating on shares of Himalaya Shipping in a report on Tuesday, June 9th. One analyst has rated the stock with a Hold rating, According to MarketBeat, Himalaya Shipping presently has an average rating of "Hold".

Himalaya Shipping Price Performance

The firm has a market capitalization of $671.29 million, a P/E ratio of 22.88 and a beta of 1.43. The firm has a 50 day moving average price of $14.66 and a 200-day moving average price of $12.81. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 4.23.

Himalaya Shipping (NYSE:HSHP - Get Free Report) last released its earnings results on Friday, May 15th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). Himalaya Shipping had a net margin of 20.28% and a return on equity of 18.28%. The company had revenue of $34.90 million for the quarter, compared to the consensus estimate of $33.30 million.

Himalaya Shipping Announces Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, July 20th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, July 17th.

Institutional Investors Weigh In On Himalaya Shipping

Several institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its holdings in Himalaya Shipping by 292.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,007,952 shares of the company's stock valued at $13,344,000 after purchasing an additional 750,944 shares during the last quarter. State Street Corp lifted its stake in Himalaya Shipping by 1.4% in the fourth quarter. State Street Corp now owns 403,954 shares of the company's stock worth $3,676,000 after purchasing an additional 5,719 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Himalaya Shipping by 230.4% during the first quarter. Bank of America Corp DE now owns 399,028 shares of the company's stock valued at $5,307,000 after buying an additional 278,273 shares during the period. Geode Capital Management LLC boosted its position in shares of Himalaya Shipping by 3.4% during the second quarter. Geode Capital Management LLC now owns 356,350 shares of the company's stock valued at $2,056,000 after buying an additional 11,828 shares during the period. Finally, Globeflex Capital L P boosted its position in shares of Himalaya Shipping by 2,033.2% during the first quarter. Globeflex Capital L P now owns 318,651 shares of the company's stock valued at $4,238,000 after buying an additional 303,713 shares during the period. Institutional investors own 22.33% of the company's stock.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.

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