Maxim Group analyst James Jang maintained a Buy rating on Eagle Bulk Shipping Inc (EGLE) today and set a price target of $7. The company’s shares closed yesterday at $4.59.
Jang said:
“EGLE soars past our expectations for 4Q18 with revenue, EBITDA, and EPS all above our forecasts, although below consensus. We are revising our estimates, with 2019 estimates lowered due to a low earnings environment in 1Q19, but we expect EGLE to return to the black during 2Q19, and we raise our 2020 estimates. EGLE’s active commercial management strategy led to a multiyear high TCE rate of $12,142 per vessel/day during 4Q18. In conjunction with a strategic fleet replenishment program, this helped to increase quarterly TCE at a CAGR of ~12% since 1Q16 ($2,938 during 1Q16).”
According to TipRanks.com, Jang is a 3-star analyst with an average return of 2.7% and a 36.6% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Nordic American Tanker, and TuanChe Limited.
Currently, the analyst consensus on Eagle Bulk Shipping Inc is a Moderate Buy with an average price target of $6.13.
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Based on Eagle Bulk Shipping Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $6.49 million. In comparison, last year the company had a GAAP net loss of $16.58 million.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGLE in relation to earlier this year.
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Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.
