Seaspan Trading Down 6.2% on Disappointing Earnings (SSW)
Shares of Seaspan (NYSE:SSW) fell 6.2% on Tuesday after the company announced weaker than expected quarterly earnings, American Banking & Market News reports. The stock traded as low as $22.06 and last traded at $22.35, with a volume of 416,764 shares changing hands. The stock had previously closed at $23.84.
The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.03. The company had revenue of $173.87 million for the quarter, compared to the consensus estimate of $175.45 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 30th. Stockholders of record on Monday, July 21st will be paid a dividend of $0.345 per share. This represents a $1.38 annualized dividend and a dividend yield of 6.12%. The ex-dividend date is Thursday, July 17th.
A number of analysts have recently weighed in on SSW shares. Analysts at Bank of America downgraded shares of Seaspan from a “neutral” rating to an “underperform” rating in a research note on Tuesday. They now have a $22.00 price target on the stock, down previously from $25.00. Separately, analysts at Wells Fargo & Co. upgraded shares of Seaspan from a “market perform” rating to an “outperform” rating in a research note on Monday, July 21st. Finally, analysts at Barclays upgraded shares of Seaspan from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, May 20th. They now have a $30.00 price target on the stock, up previously from $25.00. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $25.25.
The stock has a 50-day moving average of $23.45 and a 200-day moving average of $22.53. The company has a market cap of $2.107 billion and a P/E ratio of 9.76.
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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