Pacific Basin Shipping (OTCMKTS:PCFBY) Shares Gap Down - Here's Why

Key Points

• Pacific Basin Shipping Ltd. shares gapped down from a previous close of $6.28 to open at $6.04, and last traded at $5.80 with low trading volume.
• The company recently cut its dividend, announcing a payment of $0.0326 per share, which represents an unusually high dividend yield of 228.0%.
• Pacific Basin Shipping provides dry bulk shipping services globally, transporting various commodities such as grains, ores, and fertilizers.

Shares of Pacific Basin Shipping Ltd. (OTCMKTS:PCFBY - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $6.28, but opened at $6.04. Pacific Basin Shipping shares last traded at $5.80, with a volume of 3,733 shares changing hands.

Pacific Basin Shipping Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.48 and a quick ratio of 1.26. The stock has a fifty day simple moving average of $5.56 and a 200-day simple moving average of $4.99.

Pacific Basin Shipping Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, September 19th. Shareholders of record on Monday, August 25th were issued a $0.0326 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This represents a yield of 228.0%.

Pacific Basin Shipping Company Profile

Pacific Basin Shipping Limited, an investment holding company, engages in the provision of dry bulk shipping services worldwide. The company offers its shipping services that mainly carry major and minor bulks, including grains, ores, logs/forest products, bauxite, sugar, concentrates, cement and clinkers, coal/coke, fertilizers, alumina, steel, pet-coke, salt, sand and gypsum, and scrap.