Eagle Bulk Shipping (EGLE) Gets a Buy Rating from Maxim Group

Maxim Group analyst James Jang maintained a Buy rating on Eagle Bulk Shipping (NASDAQ: EGLE) today and set a price target of $7.50. The company’s shares closed yesterday at $5.45.

Jang observed:

“Eagle Bulk (EGLE) reported strong results for 2Q18 with gross revenues of $74.9 million and net revenues of $47.6 million, beating our estimates. EBITDA of $18.9 million was slightly below our estimate and operating EPS of $0.04 was in-line with our expectations.”

According to TipRanks.com, Jang is a 4-star analyst with an average return of 19.3% and a 50.0% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP, Nordic American Tanker, and Navigator Holdings.

Eagle Bulk Shipping has an analyst consensus of Strong Buy, with a price target consensus of $7.38.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $3.45 million. In comparison, last year the company had a GAAP net loss of $5.89 million.

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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.