Genco Shipping (GNK) Receives a Buy from Cleaves Securities

Cleaves Securities analyst Joakim Hannisdahl maintained a Buy rating on Genco Shipping (GNKResearch Report) on October 13 and set a price target of $15.00. The company’s shares closed last Wednesday at $7.43.

According to TipRanks.com, Hannisdahl is a 4-star analyst with an average return of 3.5% and a 56.6% success rate. Hannisdahl covers the Industrial Goods sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

Currently, the analyst consensus on Genco Shipping is a Strong Buy with an average price target of $11.58.

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Based on Genco Shipping’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $74.21 million and GAAP net loss of $18.2 million. In comparison, last year the company earned revenue of $83.55 million and had a GAAP net loss of $34.48 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.