Genco Shipping & Trading Rating Increased to Neutral at Global Hunter Securities (GNK)
Genco Shipping & Trading (NYSE:GNK) was upgraded by stock analysts at Global Hunter Securities from a “sell” rating to a “neutral” rating in a report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $1.00 target price on the stock. Global Hunter Securities’ target price indicates a potential downside of 69.97% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse cut their price target on shares of Genco Shipping & Trading (NYSE:GNK) from $7.00 to $2.00 in a research note to investors on Thursday, August 22nd. Analysts at Sidoti initiated coverage on shares of Genco Shipping & Trading (NYSE:GNK) in a research note to investors on Tuesday, July 2nd. They set a “neutral” rating on the stock.
Genco Shipping & Trading (NYSE:GNK) opened at 3.54 on Wednesday. Genco Shipping & Trading has a 1-year low of $1.12 and a 1-year high of $4.54. The stock has a 50-day moving average of $2.24 and a 200-day moving average of $2.07. The company’s market cap is $153.0 million.
Genco Shipping & Trading (NYSE:GNK) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($1.05) earnings per share for the quarter, beating the analysts’ consensus estimate of ($1.07) by $0.02. The company had revenue of $45.70 million for the quarter, compared to the consensus estimate of $43.13 million. During the same quarter in the prior year, the company posted ($0.65) earnings per share. The company’s quarterly revenue was down 27.3% on a year-over-year basis. On average, analysts predict that Genco Shipping & Trading will post $-3.85 earnings per share for the current fiscal year.
Genco Shipping & Trading Limited (NYSE:GNK) transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels.
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