Eagle Bulk Shipping Inc. to Post FY2018 Earnings of $0.17 Per Share, Seaport Global Securities Forecasts (EGLE)

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) – Research analysts at Seaport Global Securities reduced their FY2018 earnings estimates for Eagle Bulk Shipping in a report issued on Wednesday, November 7th. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will post earnings of $0.17 per share for the year, down from their previous forecast of $0.26. Seaport Global Securities also issued estimates for Eagle Bulk Shipping’s Q1 2019 earnings at $0.22 EPS and Q4 2019 earnings at $0.29 EPS.

Eagle Bulk Shipping (NASDAQ:EGLE) last released its quarterly earnings data on Tuesday, November 6th. The shipping company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $53.97 million for the quarter, compared to analysts’ expectations of $57.49 million. Eagle Bulk Shipping had a negative net margin of 3.52% and a positive return on equity of 0.96%.

Other equities research analysts have also recently issued research reports about the stock. Noble Financial set a $6.00 price objective on shares of Eagle Bulk Shipping and gave the company a “buy” rating in a research report on Thursday, August 9th. BidaskClub upgraded shares of Eagle Bulk Shipping from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. Maxim Group upgraded shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating and lifted their price objective for the company from $6.00 to $7.50 in a research report on Wednesday, July 25th. Zacks Investment Research cut shares of Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Friday, August 10th. Finally, ValuEngine upgraded shares of Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $7.17.

Eagle Bulk Shipping stock opened at $4.29 on Friday. The company has a market cap of $371.76 million, a PE ratio of -10.20 and a beta of 1.73. The company has a current ratio of 2.76, a quick ratio of 2.48 and a debt-to-equity ratio of 0.64. Eagle Bulk Shipping has a 1 year low of $4.18 and a 1 year high of $6.14.

Several hedge funds have recently bought and sold shares of EGLE. Wells Fargo & Company MN grew its holdings in shares of Eagle Bulk Shipping by 278.0% in the first quarter. Wells Fargo & Company MN now owns 22,573 shares of the shipping company’s stock valued at $112,000 after purchasing an additional 16,601 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Eagle Bulk Shipping by 319.0% during the second quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock worth $146,000 after buying an additional 20,514 shares during the period. Royal Bank of Canada boosted its stake in Eagle Bulk Shipping by 57,096.6% during the first quarter. Royal Bank of Canada now owns 33,174 shares of the shipping company’s stock worth $164,000 after buying an additional 33,116 shares during the period. Trexquant Investment LP purchased a new position in Eagle Bulk Shipping during the third quarter worth $218,000. Finally, Cubist Systematic Strategies LLC boosted its stake in Eagle Bulk Shipping by 162.6% during the second quarter. Cubist Systematic Strategies LLC now owns 42,701 shares of the shipping company’s stock worth $232,000 after buying an additional 26,441 shares during the period. 46.69% of the stock is owned by hedge funds and other institutional investors.

About Eagle Bulk Shipping

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.

See Also: Fundamental Analysis

Earnings History and Estimates for Eagle Bulk Shipping (NASDAQ:EGLE)

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