Seaspan Receives Hold Rating from Deutsche Bank (SSW)
Seaspan (NYSE:SSW)‘s stock had its “hold” rating reiterated by equities research analysts at Deutsche Bank in a research note issued to investors on Wednesday, Analyst Ratings Network reports. They currently have a $25.00 price objective on the stock, down from their previous price objective of $26.00. Deutsche Bank’s price target points to a potential upside of 17.54% from the stock’s previous close.
The analysts wrote, “SSW reported adjusted Q1 normalized EPS of $0.18, below both our estimate of $0.21 and Thomson One Consensus of $0.22. Results were negatively impacted by lower-than-expected revenue related to softer rates on short-term contracts, in addition to the re-delivery of a vessel in the quarter. Ship operating expenses also constrained results and are expected to remain elevated over time as the fleet ages and the average size of the company’s vessels increases. While SSW is a quality operator that has proven the ability to increase dividends over time (6.5% dividend yield), our cautious view of the container sector leaves us on the sidelines at this time. HOLD.”
Seaspan (NYSE:SSW) traded up 0.53% during mid-day trading on Wednesday, hitting $21.382. 41,905 shares of the company’s stock traded hands. Seaspan has a 1-year low of $19.45 and a 1-year high of $25.10. The stock’s 50-day moving average is $21.96 and its 200-day moving average is $22.23. The company has a market cap of $1.479 billion and a P/E ratio of 7.25.
Seaspan (NYSE:SSW) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.04. The company had revenue of $168.00 million for the quarter, compared to the consensus estimate of $170.29 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts predict that Seaspan will post $1.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, April 30th. Stockholders of record on Monday, April 21st will be paid a dividend of $0.345 per share. This represents a $1.38 annualized dividend and a dividend yield of 6.49%. The ex-dividend date is Wednesday, April 16th.
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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