Eagle Bulk Shipping Receives a Hold from Maxim Group

Maxim Group analyst James Jang maintained a Hold rating on Eagle Bulk Shipping (NASDAQ: EGLE) yesterday and set a price target of $6. The company’s shares closed yesterday at $5.45.

Jang said:

“After the market close, Eagle Bulk Shipping (EGLE) reported mixed 1Q18 results; gross and net revenue beat our forecast, EBITDA missed and EPS was in line with our view. The company reported a fleet-wide net time charter-equivalent (TCE) rate of $11,052 per vessel/day in 1Q18, a 41% increase over the $7,825 per vessel/day achieved during 1Q17. The company preannounced that 70% of 2Q18 days have been fixed at a TCE rate of $11,234 per vessel/day which is in line with the 2Q18 avg. rate of $11,795 per vessel/day, and in line with our $11,358 per vessel/day estimate for 2Q18. Management will host an earnings call tomorrow morning at 8am ET..”

According to TipRanks.com, Jang is a 5-star analyst with an average return of 26.2% and a 45.8% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP, Nordic American Tanker, and Navigator Holdings.

Eagle Bulk Shipping has an analyst consensus of Hold, with a price target consensus of $6.

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The company has a one-year high of $5.75 and a one-year low of $4.18. Currently, Eagle Bulk Shipping has an average volume of 321.8K.

Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock.

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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.