Genco Shipping (GNK) Receives a Rating Update from a Top Analyst

Noble Financial analyst Michael Heim reiterated a Buy rating on Genco Shipping (GNKResearch Report) today and set a price target of $28.00. The company’s shares closed yesterday at $15.21.

According to TipRanks, Heim is a top 100 analyst with an average return of 50.3% and a 48.41% success rate.

Genco Shipping has an analyst consensus of Strong Buy, with a price target consensus of $24.17.

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Based on Genco Shipping’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $137.76 million and a net profit of $47.38 million. In comparison, last year the company earned a revenue of $121.01 million and had a net profit of $32.04 million

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Genco Shipping & Trading Ltd. is an international ship owning company, which engages in the transportation of iron ore, coal, grain, steel products and other drybulk cargoes. It operates through the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels segment. The company was founded on September 27, 2004 and is headquartered in New York, NY.

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