Genco Shipping (GNK) Gets a Buy Rating from Jefferies

In a report released today, Randy Giveans from Jefferies maintained a Buy rating on Genco Shipping (GNK), with a price target of $13.00. The company’s shares closed last Thursday at $10.56, close to its 52-week high of $10.95.

According to, Giveans is a 4-star analyst with an average return of 10.2% and a 52.4% success rate. Giveans covers the Industrial Goods sector, focusing on stocks such as ZIM Integrated Shipping Services, Navios Maritime Partners, and Nordic American Tanker.

Genco Shipping has an analyst consensus of Strong Buy, with a price target consensus of $14.33, implying a 38.9% upside from current levels. In a report issued on February 13, Cleaves Securities also maintained a Buy rating on the stock with a $16.00 price target.

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Based on Genco Shipping’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $87.52 million and GAAP net loss of $21.1 million. In comparison, last year the company earned revenue of $104 million and had a GAAP net loss of $14.59 million.

Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GNK in relation to earlier this year.

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment. The company was founded on September 27, 2004 and is headquartered in New York, NY.

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