Genco Shipping (GNK) Receives a Buy from Noble Financial

In a report issued on November 9, Poe Fratt from Noble Financial maintained a Buy rating on Genco Shipping (GNKResearch Report). The company’s shares closed on Friday at $10.40, close to its 52-week low of $9.75.

According to TipRanks.com, Fratt is ranked #766 out of 4905 analysts.

Genco Shipping has an analyst consensus of Moderate Buy, with a price target consensus of $22, which is an 111.5% upside from current levels. In a report issued on November 8, B.Riley FBR also maintained a Buy rating on the stock with a $22 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 net profit of $5.71 million. In comparison, last year the company had a GAAP net loss of $31.18 million.

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Genco Shipping & Trading Ltd. operates as an international ship owning company. It engages in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels.