B.Riley FBR Thinks Genco Shipping’s Stock is Going to Recover


B.Riley FBR analyst Liam Burke maintained a Buy rating on Genco Shipping (GNK) yesterday and set a price target of $15. The company’s shares closed yesterday at $8.71, close to its 52-week low of $6.83.

Burke said:

“Genco (GNK) reported solid results in light of the heavily Index, dropping over 90% during 1Q19. The company reported time charter equivalent (TCE) revenue of $48.0 million, which was a 14.0% Y/Y decline. Genco’s daily per vessel TCE rate of $9,230 compared to $10,465, or a decline of 11.8% from a year ago. Despite lower Y/Y daily TCE per vessel, Genco’s results outdistanced the bench marks for the Baltic Exchange sub-indices by $2,100. The $2,100 per vessel translates to an additional $11 million in income. The company reported adjusted EBITDA of $16.9 million compared to $24.8 million during 1Q18. Adjusted loss per share of $0.19 1Q19 compares to adjusted EPS of $0.02 a year ago.”

According to TipRanks.com, Burke is ranked #1173 out of 5181 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Genco Shipping with a $15.63 average price target, a 79.4% upside from current levels. In a report released yesterday, Maxim Group also maintained a Buy rating on the stock with a $20 price target.

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Based on Genco Shipping’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $7.8 million. In comparison, last year the company had a GAAP net loss of $55.81 million.

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Genco Shipping & Trading Ltd. operates as an international ship owning company. It engages in transporting 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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