Genco Shipping (GNK) Gets a Buy Rating from Cleaves Securities

In a report issued on December 3, Joakim Hannisdahl from Cleaves Securities maintained a Buy rating on Genco Shipping (GNKResearch Report), with a price target of $13.00. The company’s shares closed last Friday at $7.93.

According to TipRanks.com, Hannisdahl is a 4-star analyst with an average return of 6.7% and a 62.9% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Genco Shipping with a $12.67 average price target.

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Based on Genco Shipping’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $87.52 million and GAAP net loss of $21.1 million. In comparison, last year the company earned revenue of $104 million and had a GAAP net loss of $14.59 million.

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment. The company was founded on September 27, 2004 and is headquartered in New York, NY.