Performance Shipping (NASDAQ:PSHG) Issues Earnings Results, Misses Expectations By $0.15 EPS

Performance Shipping (NASDAQ:PSHG) posted its quarterly earnings results on Wednesday. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15), Zacks reports. Performance Shipping had a return on equity of 9.57% and a net margin of 31.85%.

Performance Shipping Stock Up 3.6%

Shares of NASDAQ:PSHG traded up $0.07 during midday trading on Wednesday, hitting $1.88. 56,371 shares of the company’s stock were exchanged, compared to its average volume of 87,638. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.22 and a quick ratio of 2.18. The stock has a 50 day moving average price of $1.71 and a 200-day moving average price of $1.90. The company has a market cap of $23.31 million, a PE ratio of 2.40 and a beta of -0.15. Performance Shipping has a 12 month low of $1.60 and a 12 month high of $2.58.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Performance Shipping from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Performance Shipping

An institutional investor recently bought a new stake in Performance Shipping stock. Citadel Advisors LLC bought a new stake in shares of Performance Shipping Inc. (NASDAQ:PSHG) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned about 0.89% of Performance Shipping as of its most recent SEC filing. Hedge funds and other institutional investors own 19.90% of the company’s stock.

About Performance Shipping

Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium‐ to long‐term time charter agreements with a diverse set of global charterers.

Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.