Genco Shipping & Trading Ltd. (GNK) Upgraded to Buy at Zacks Investment Research
Genco Shipping & Trading Ltd. (NYSE:GNK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $6.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.94% from the company’s current price.
According to Zacks, “Genco Shipping & Trading Ltd. is a ship owning company. It transport iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes. The company owned fleet of dry cargo vessels which consists of Capesize, Panamax, Ultramax, Supramax, Handymax and Handysize vessels. Genco Shipping & Trading Ltd. is based in New York, United States. “
A number of other equities research analysts have also commented on GNK. Jefferies Group reaffirmed a “buy” rating on shares of Genco Shipping & Trading in a research note on Tuesday, September 6th. Seaport Global Securities assumed coverage on shares of Genco Shipping & Trading in a research note on Tuesday, August 2nd. They issued a “neutral” rating and a $6.00 price objective on the stock.
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Genco Shipping & Trading (NYSE:GNK) remained flat at $5.36 on Monday. The stock had a trading volume of 43,480 shares. Genco Shipping & Trading has a 12 month low of $3.62 and a 12 month high of $32.50. The stock’s market capitalization is $39.02 million. The firm’s 50 day moving average price is $4.86 and its 200 day moving average price is $5.58.
Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($5.59) EPS for the quarter, beating the Zacks’ consensus estimate of ($6.26) by $0.67. Genco Shipping & Trading had a negative net margin of 204.16% and a negative return on equity of 17.53%. The company had revenue of $31.90 million for the quarter, compared to analyst estimates of $35.81 million. On average, equities research analysts expect that Genco Shipping & Trading will post ($24.72) EPS for the current year.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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