Maxim Group analyst James Jang maintained a Buy rating on Eagle Bulk Shipping (EGLE) today and set a price target of $7. The company’s shares opened today at $4.37, close to its 52-week low of $4.03.
Jang said:
“Eagle Bulk (EGLE) announced a continuation of its fleet renewal program, selling two vintage Supramax vessels and purchasing a modern Ultramax vessel to bring pro forma fleet to 46 vessels.”
According to TipRanks.com, Jang is a 3-star analyst with an average return of 3.0% and a 33.3% success rate. Jang covers the Services sector, focusing on stocks such as Sino-Global Shipping America, Dynagas LNG Partners LP, and Nordic American Tanker.
Currently, the analyst consensus on Eagle Bulk Shipping is a Moderate Buy with an average price target of $6.70.
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The company has a one-year high of $6.14 and a one-year low of $4.03. Currently, Eagle Bulk Shipping has an average volume of 365.5K.
Based on the recent corporate insider activity of 22 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.
