Noble Financial Believes Genco Shipping (NYSE: GNK) Still Has Room to Grow

In a report released today, Poe Fratt from Noble Financial maintained a Buy rating on Genco Shipping (GNKResearch Report), with a price target of $28.00. The company’s shares closed last Tuesday at $20.59, close to its 52-week high of $21.78.

According to TipRanks.com, Fratt is a top 100 analyst with an average return of 52.7% and a 60.5% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Energy Services of America, Grindrod Shipping Holdings, and Great Lakes Dredge & Dock.

Currently, the analyst consensus on Genco Shipping is a Strong Buy with an average price target of $27.33, representing a 27.8% upside. In a report issued on September 13, H.C. Wainwright also initiated coverage with a Buy rating on the stock with a $30.00 price target.

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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 $121 million and net profit of $32.04 million. In comparison, last year the company earned revenue of $74.21 million and had a GAAP net loss of $18.2 million.

Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GNK in relation to earlier this year.

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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.