Himalaya Shipping (NYSE:HSHP) Shares Gap Up – Here’s Why

Himalaya Shipping Ltd. (NYSE:HSHP) gapped up before the market opened on Thursday . The stock had previously closed at $13.40, but opened at $14.13. Himalaya Shipping shares last traded at $14.3850, with a volume of 23,658 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on HSHP shares. Weiss Ratings restated a “hold (c+)” rating on shares of Himalaya Shipping in a report on Tuesday, June 9th. Wall Street Zen lowered shares of Himalaya Shipping from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold”.

Himalaya Shipping Price Performance

The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 4.23. The firm has a fifty day moving average price of $14.57 and a two-hundred day moving average price of $12.66. The stock has a market capitalization of $660.66 million, a P/E ratio of 22.48 and a beta of 1.43.

Himalaya Shipping (NYSE:HSHP) last announced its quarterly earnings results on Friday, May 15th. The company reported $0.11 earnings per share (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 the consensus estimate of $33.30 million. Himalaya Shipping had a return on equity of 18.28% and a net margin of 20.28%.

Himalaya Shipping Increases Dividend

The company also recently announced a dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 22nd were issued a $0.22 dividend. This is a boost from Himalaya Shipping’s previous dividend of $0.15. The ex-dividend date of this dividend was Friday, June 19th.

Insider Activity

In other news, Director Bjorn Andreas Freng Isaksen sold 300,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director owned 280,000 shares in the company, valued at approximately $3,752,000. This represents a 51.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Himalaya Shipping

A number of hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its stake in Himalaya Shipping by 292.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,007,952 shares of the company’s stock valued at $13,344,000 after purchasing an additional 750,944 shares during the last quarter. Globeflex Capital L P raised its stake in shares of Himalaya Shipping by 2,033.2% in the first quarter. Globeflex Capital L P now owns 318,651 shares of the company’s stock worth $4,238,000 after purchasing an additional 303,713 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Himalaya Shipping by 230.4% in the first quarter. Bank of America Corp DE now owns 399,028 shares of the company’s stock worth $5,307,000 after purchasing an additional 278,273 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Himalaya Shipping by 322.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 259,959 shares of the company’s stock valued at $2,366,000 after purchasing an additional 198,362 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Himalaya Shipping by 162.3% during the fourth quarter. Barclays PLC now owns 260,780 shares of the company’s stock valued at $2,373,000 after purchasing an additional 161,378 shares in the last quarter. 22.33% of the stock is currently owned by hedge funds and other institutional investors.

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.