Himalaya Shipping (NYSE:HSHP) Shares Gap Down Following Weak Earnings

Himalaya Shipping Ltd. (NYSE:HSHP)’s share price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $15.12, but opened at $14.23. Himalaya Shipping shares last traded at $14.0970, with a volume of 292,373 shares.

The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). Himalaya Shipping had a net margin of 13.44% and a return on equity of 11.02%. The company had revenue of $34.90 million during the quarter, compared to the consensus estimate of $33.30 million.

Himalaya Shipping Increases Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, May 18th. This is a positive change from Himalaya Shipping’s previous dividend of $0.06. Himalaya Shipping’s dividend payout ratio (DPR) is currently 7.94%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Himalaya Shipping from a “strong-buy” rating to a “buy” rating in a report on Sunday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Himalaya Shipping currently has a consensus rating of “Hold”.

Insider Activity

In other Himalaya Shipping news, Director Bjorn Andreas Freng Isaksen sold 300,000 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $13.40, for a total transaction of $4,020,000.00. Following the transaction, the director directly owned 280,000 shares in the company, valued at approximately $3,752,000. This represents a 51.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On Himalaya Shipping

Institutional investors have recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Himalaya Shipping during the third quarter worth approximately $33,000. BNP Paribas Financial Markets raised its position in shares of Himalaya Shipping by 80.3% during the third quarter. BNP Paribas Financial Markets now owns 5,656 shares of the company’s stock worth $47,000 after purchasing an additional 2,519 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Himalaya Shipping by 326.7% during the second quarter. Tower Research Capital LLC TRC now owns 9,024 shares of the company’s stock worth $52,000 after purchasing an additional 6,909 shares during the period. Sherbrooke Park Advisers LLC acquired a new position in shares of Himalaya Shipping during the third quarter worth approximately $86,000. Finally, Ballentine Partners LLC acquired a new position in shares of Himalaya Shipping during the fourth quarter worth approximately $101,000. 22.33% of the stock is owned by institutional investors and hedge funds.

Himalaya Shipping Price Performance

The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 4.12. The business has a 50-day moving average price of $13.99 and a two-hundred day moving average price of $11.45. The company has a market capitalization of $660.61 million, a price-to-earnings ratio of 22.48 and a beta of 1.38.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.