In a report released today, James Jang from Maxim Group maintained a Buy rating on Genco Shipping (GNK – Research Report), with a price target of $20. The company’s shares closed yesterday at $8.74, close to its 52-week low of $6.83.
“GNK reported 4Q18 results with revenue, EBITDA, and EPS all above our expectations as the company’s fleet achieved higher TCE rates than our forecast.”
According to TipRanks.com, Jang is a 3-star analyst with an average return of 3.3% and a 38.6% 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 Moderate Buy analyst consensus rating for Genco Shipping with a $19 average price target.
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 net profit of $2.57 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.