Seaport Global Securities Weighs in on Eagle Bulk Shipping Inc.’s Q3 2019 Earnings (EGLE)

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) – Equities research analysts at Seaport Global Securities cut their Q3 2019 earnings estimates for Eagle Bulk Shipping in a report released on Wednesday, March 6th. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will post earnings per share of $0.04 for the quarter, down from their previous forecast of $0.08. Seaport Global Securities also issued estimates for Eagle Bulk Shipping’s Q4 2019 earnings at $0.07 EPS, Q1 2020 earnings at $0.09 EPS, Q2 2020 earnings at $0.12 EPS, Q3 2020 earnings at $0.13 EPS, Q4 2020 earnings at $0.12 EPS and FY2020 earnings at $0.46 EPS.

Eagle Bulk Shipping (NASDAQ:EGLE) last posted its quarterly earnings results on Tuesday, March 5th. The shipping company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.01. Eagle Bulk Shipping had a positive return on equity of 0.96% and a negative net margin of 3.52%.

EGLE has been the topic of a number of other reports. BidaskClub lowered Eagle Bulk Shipping from a “sell” rating to a “strong sell” rating in a report on Thursday, December 20th. TheStreet upgraded Eagle Bulk Shipping from a “d+” rating to a “c” rating in a research note on Wednesday. Noble Financial restated a “buy” rating and issued a $6.40 price target on shares of Eagle Bulk Shipping in a research note on Friday. Morgan Stanley set a $5.00 price target on Eagle Bulk Shipping and gave the company a “hold” rating in a research note on Friday, February 15th. Finally, Zacks Investment Research upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating and set a $5.25 price target for the company in a research note on Wednesday, January 16th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eagle Bulk Shipping has an average rating of “Buy” and a consensus target price of $6.61.

EGLE stock opened at $4.58 on Friday. The company has a current ratio of 2.16, a quick ratio of 1.91 and a debt-to-equity ratio of 0.63. The company has a market cap of $369.57 million, a P/E ratio of 25.44 and a beta of 1.20. Eagle Bulk Shipping has a 1-year low of $3.85 and a 1-year high of $6.14.

In related news, major shareholder Goldentree Asset Management Lp bought 174,363 shares of the business’s stock in a transaction dated Wednesday, February 13th. The stock was purchased at an average cost of $4.55 per share, for a total transaction of $793,351.65. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Oaktree Capital Group Holdings bought 1,021,610 shares of the business’s stock in a transaction dated Wednesday, December 19th. The shares were bought at an average price of $4.57 per share, with a total value of $4,668,757.70. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 2,585,892 shares of company stock valued at $11,524,760 and have sold 71,445 shares valued at $341,008. Corporate insiders own 3.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Sippican Capital Advisors lifted its position in shares of Eagle Bulk Shipping by 17.1% during the 4th quarter. Sippican Capital Advisors now owns 17,550 shares of the shipping company’s stock worth $81,000 after buying an additional 2,560 shares during the last quarter. Macquarie Group Ltd. bought a new stake in shares of Eagle Bulk Shipping during the 3rd quarter worth $109,000. Meeder Asset Management Inc. lifted its position in shares of Eagle Bulk Shipping by 69.9% during the 4th quarter. Meeder Asset Management Inc. now owns 20,318 shares of the shipping company’s stock worth $94,000 after buying an additional 8,361 shares during the last quarter. Paloma Partners Management Co bought a new stake in shares of Eagle Bulk Shipping during the 4th quarter worth $153,000. Finally, Trexquant Investment LP bought a new stake in shares of Eagle Bulk Shipping during the 3rd quarter worth $218,000. Institutional investors and hedge funds own 48.01% of the company’s stock.

Eagle Bulk Shipping Company Profile

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.

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

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