Noble Financial analyst Poe Fratt maintained a Buy rating on Eagle Bulk Shipping (EGLE – Research Report) today and set a price target of $37.00. The company’s shares closed last Thursday at $31.20, close to its 52-week high of $32.44.
According to TipRanks.com, Fratt is a 5-star analyst with an average return of 31.9% and a 54.6% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Energy Services of America, Grindrod Shipping Holdings, and Great Lakes Dredge & Dock.
Currently, the analyst consensus on Eagle Bulk Shipping is a Moderate Buy with an average price target of $28.45.
Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $68.18 million and GAAP net loss of $11.16 million. In comparison, last year the company earned revenue of $74.11 million and had a GAAP net loss of $4.56 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGLE in relation to earlier this year.
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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.