Noble Financial analyst Poe Fratt maintained a Buy rating on Eagle Bulk Shipping (EGLE) today and set a price target of $45.00. The company’s shares closed last Friday at $37.77, close to its 52-week high of $40.91.
According to TipRanks.com, Fratt is a 5-star analyst with an average return of 45.1% and a 57.6% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Energy Services of America, Grindrod Shipping Holdings, and Great Lakes Dredge & Dock.
Eagle Bulk Shipping has an analyst consensus of Strong Buy, with a price target consensus of $37.60, which is a 1.2% upside from current levels. In a report issued on March 8, B.Riley Financial also maintained a Buy rating on the stock with a $42.00 price target.
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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $75.18 million and net profit of $114.9K. In comparison, last year the company earned revenue of $71.49 million and had a GAAP net loss of $11.17 million.
Based on the recent corporate insider activity of 17 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 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. The company was founded by Sophocles N. Zoullas on March 23, 2005 and is headquartered in Stamford, CT.
