Genco Shipping attracts Bull rating from Jeffries on rising vessel rates
Apr. 27, 2022 12:14 PM ETGenco Shipping & Trading Limited (GNK)By: SA News Team3 Comments
- Genco Shipping & Trading (NYSE:GNK) shares rose 8.2%, Wednesday, after Jefferies reinstated coverage on the maritime shipping stock at Buy rating.
- The firm sets price target at $27, which implies a potential upside of almost 29% on stock's last close.
- Jefferies' analyst Christopher Robertson, who remains positive on supply-side fundamentals, stated: "Rates across several maritime group sub-sectors experienced normal seasonal pressures during Q1, but rates and asset values are now on the rise across several sub-sectors and the Jefferies shipping index is up about 25% year-to-date, largely due to recent equity performance in the dry bulk and tanker space."
- Read more commentary on the stock by a Seeking Alpha's contributor who writes: "Genco Shipping: A High Yielding Solid Buy."
- Looking at the price movement, GNK stock has gained more than 50% over the past 1-year outperforming the benchmark S&P 500 return to trade at $22.80 currently.
- A look at comparative price performance and stock rating against its peers.
- The company's first quarter earnings report is scheduled to be out next week on May 4. In the last results, Genco topped estimates on both ends at EPS of $1.99.