Himalaya Shipping (NYSE:HSHP) Shares Gap Down on Disappointing Earnings

Himalaya Shipping Ltd. (NYSE:HSHP)’s share price gapped down before the market opened on Friday following a dissappointing 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 trading hands.

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

Himalaya Shipping Increases Dividend

The business also recently announced a dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 19th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, May 18th. This is an increase from Himalaya Shipping’s previous dividend of $0.06. Himalaya Shipping’s payout ratio is presently 7.94%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Himalaya Shipping from a “strong-buy” rating to a “buy” rating in a research report on Sunday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold”.

Insider Buying and Selling at Himalaya Shipping

In other news, Director Bjorn Andreas Freng Isaksen sold 300,000 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $13.40, for a total value of $4,020,000.00. Following the completion of the sale, the director owned 280,000 shares of the company’s stock, valued at approximately $3,752,000. The trade was a 51.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Himalaya Shipping

Several hedge funds and other institutional investors have recently modified their holdings of HSHP. Geode Capital Management LLC grew its position in shares of Himalaya Shipping by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 356,350 shares of the company’s stock valued at $2,056,000 after buying an additional 11,828 shares during the last quarter. Creative Planning bought a new stake in shares of Himalaya Shipping during the 2nd quarter valued at about $108,000. Rhumbline Advisers grew its position in shares of Himalaya Shipping by 42.4% during the 2nd quarter. Rhumbline Advisers now owns 56,260 shares of the company’s stock valued at $325,000 after buying an additional 16,747 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Himalaya Shipping by 28.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 158,189 shares of the company’s stock valued at $913,000 after buying an additional 34,758 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Himalaya Shipping during the 2nd quarter valued at about $107,000. Institutional investors own 22.33% of the company’s stock.

Himalaya Shipping Trading Down 6.3%

The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 4.12. The business’s 50-day moving average is $13.99 and its two-hundred day moving average is $11.45. The firm has a market cap of $660.61 million, a P/E 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.