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

Key Points

• Himalaya Shipping shares fell at the open, dropping from a previous close of $15.51 to $14.93 and last trading near $14.85.
• The company reported quarterly revenue of $55.3 million and EPS of $0.52, with a 20.28% net margin and 18.28% return on equity.
• Himalaya Shipping declared a $0.22-per-share dividend, payable August 27 to shareholders of record August 21; analysts maintain an average “Hold” rating.

Shares of Himalaya Shipping Ltd. (NYSE:HSHP - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $15.51, but opened at $14.93. Himalaya Shipping shares last traded at $14.8460, with a volume of 158,461 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on HSHP shares. Weiss Ratings raised shares of Himalaya Shipping from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 5th. Wall Street Zen lowered Himalaya Shipping from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold".

Himalaya Shipping Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 4.23. The stock has a market cap of $689.02 million, a price-to-earnings ratio of 23.44 and a beta of 1.37. The stock's 50 day moving average is $14.83 and its two-hundred day moving average is $13.88.

Himalaya Shipping (NYSE:HSHP - Get Free Report) last released its earnings results on Wednesday, July 1st. The company reported $0.52 earnings per share (EPS) for the quarter. Himalaya Shipping had a return on equity of 18.28% and a net margin of 20.28%.The company had revenue of $55.30 million for the quarter.

Himalaya Shipping Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, August 27th. Shareholders of record on Friday, August 21st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, August 20th. Himalaya Shipping's payout ratio is presently 7.94%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Himalaya Shipping by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 356,350 shares of the company's stock valued at $2,056,000 after purchasing an additional 11,828 shares in the last quarter. Creative Planning purchased a new stake in Himalaya Shipping during the 2nd quarter worth approximately $108,000. Rhumbline Advisers raised its holdings in Himalaya Shipping by 42.4% in the second quarter. Rhumbline Advisers now owns 56,260 shares of the company's stock valued at $325,000 after acquiring an additional 16,747 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Himalaya Shipping by 28.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 158,189 shares of the company's stock valued at $913,000 after acquiring an additional 34,758 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Himalaya Shipping in the 2nd quarter worth about $107,000. 22.33% of the stock is owned by hedge funds and other institutional investors.

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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