Eagle Bulk Shipping (EGLE) Gets a Buy Rating from Cleaves Securities

In a report released yesterday, Joakim Hannisdahl from Cleaves Securities maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report), with a price target of $3.60. The company’s shares closed last Wednesday at $2.15.

According to TipRanks.com, Hannisdahl is a 2-star analyst with an average return of -0.4% and a 52.8% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Star Bulk Carriers.

Currently, the analyst consensus on Eagle Bulk Shipping is a Strong Buy with an average price target of $3.95, which is an 84.6% upside from current levels. In a report issued on June 23, Noble Financial also maintained a Buy rating on the stock with a $4.80 price target.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $74.38 million and GAAP net loss of $3.53 million. In comparison, last year the company earned revenue of $77.39 million and had a net profit of $29.48K.

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Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer. The company was founded by Sophocles N. Zoullas on March 23, 2005 and is headquartered in Stamford, CT.