Seaspan Upgraded to Hold by Stifel Nicolaus (SSW)
Seaspan (NYSE:SSW) was upgraded by analysts at Stifel Nicolaus from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports.
The analysts wrote, “However, the company has taken advantage of the depressed interest rate environment and has entered into several financing agreements to help fund its newbuilding program and solve some of its funding needs,” the report noted. “Recently, Seaspan refinanced a $1 billion credit facility which effectively extended the maturity date from May 2015 to May 2019 and reduced the outstanding amount to approximately $435 million. Seaspan continued to resolve its funding needs by entering into a new five year $125 million loan agreement and planned a 3.5 million common share offering, raising $77 million. We believe the potential refinancing risk that faced the company earlier in the year has now come off the table.”
Seaspan (NYSE:SSW) opened at 23.02 on Friday. Seaspan has a 52 week low of $17.71 and a 52 week high of $25.10. The stock’s 50-day moving average is $22.15 and its 200-day moving average is $22.06. The company has a market cap of $1.492 billion and a price-to-earnings ratio of 7.75.
Seaspan (NYSE:SSW) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.21 by $0.07. The company had revenue of $172.40 million for the quarter, compared to the consensus estimate of $168.83 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts predict that Seaspan will post $0.91 earnings per share for the current fiscal year.
SSW has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Seaspan from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, November 20th. They now have a $24.00 price target on the stock. Separately, analysts at Wells Fargo & Co. upgraded shares of Seaspan from an “underperform” rating to a “market perform” rating in a research note to investors on Friday, November 1st. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Seaspan currently has an average rating of “Hold” and a consensus target price of $21.40.
Seaspan Corporation (NYSE:SSW) is an independent charter owner of containerships, which the Company charters pursuant to long-term, fixed-rate time charters agreement.
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