Performance Shipping (NASDAQ:PSHG) Issues Quarterly Earnings Results

Performance Shipping (NASDAQ:PSHG) posted its earnings results on Wednesday. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15), Zacks reports. The firm had revenue of $34.66 million for the quarter, compared to analyst estimates of $32.34 million. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.

Performance Shipping Price Performance

Shares of NASDAQ:PSHG opened at $1.89 on Thursday. The firm has a 50 day moving average of $1.72 and a 200-day moving average of $1.90. Performance Shipping has a 12 month low of $1.60 and a 12 month high of $2.58. The company has a current ratio of 2.22, a quick ratio of 2.18 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $23.49 million, a PE ratio of 2.42 and a beta of -0.15.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Performance Shipping from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Hold rating, According to MarketBeat, Performance Shipping currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Performance Shipping stock. Renaissance Technologies LLC raised its position in shares of Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 189,948 shares of the company’s stock after purchasing an additional 53,248 shares during the period. Renaissance Technologies LLC owned approximately 1.53% of Performance Shipping worth $405,000 at the end of the most recent reporting period. 19.90% of the stock is owned by institutional investors.

Performance Shipping Company Profile

Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium‐ to long‐term time charter agreements with a diverse set of global charterers.

Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.