Maxim Group Thinks Genco Shipping’s Stock is Going to Recover

Maxim Group analyst James Jang maintained a Buy rating on Genco Shipping (GNKResearch Report) today and set a price target of $20. The company’s shares opened today at $8.85, close to its 52-week low of $6.83.

Jang commented:

“1Q19 results were broadly inline with the dry bulk sector, which has continued to face macro headwinds stemming from the U.S.-China trade dispute and Vale mine closures.”

According to TipRanks.com, Jang is a 3-star analyst with an average return of 3.2% and a 40.5% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Eagle Bulk Shipping Inc, and Nordic American Tanker.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Genco Shipping with a $15.63 average price target.

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Based on Genco Shipping’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $18.28 million. In comparison, last year the company had a GAAP net loss of $55.81 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.