Zacks: Brokerages Anticipate Eagle Bulk Shipping Inc. (EGLE) to Announce $0.05 EPS

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Wall Street analysts expect Eagle Bulk Shipping Inc. (NASDAQ:EGLE) to report earnings of $0.05 per share for the current quarter, Zacks reports. Three analysts have issued estimates for Eagle Bulk Shipping’s earnings. The highest EPS estimate is $0.16 and the lowest is $0.01. Eagle Bulk Shipping posted earnings of ($0.15) per share in the same quarter last year, which would suggest a positive year over year growth rate of 133.3%. The firm is expected to announce its next quarterly earnings report on Thursday, November 1st.

On average, analysts expect that Eagle Bulk Shipping will report full-year earnings of $0.20 per share for the current year, with EPS estimates ranging from $0.16 to $0.26. For the next fiscal year, analysts forecast that the company will report earnings of $0.66 per share, with EPS estimates ranging from $0.19 to $1.13. Zacks’ EPS calculations are an average based on a survey of analysts that that provide coverage for Eagle Bulk Shipping.

Eagle Bulk Shipping (NASDAQ:EGLE) last issued its earnings results on Tuesday, August 7th. The shipping company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $57.73 million during the quarter, compared to analysts’ expectations of $57.76 million. Eagle Bulk Shipping had a negative return on equity of 1.79% and a negative net margin of 8.00%.

Several analysts have weighed in on the company. ValuEngine downgraded Eagle Bulk Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Zacks Investment Research downgraded Eagle Bulk Shipping from a “hold” rating to a “sell” rating in a research report on Tuesday, May 8th. Maxim Group reiterated a “hold” rating and issued a $6.00 price objective on shares of Eagle Bulk Shipping in a research report on Wednesday, May 9th. Evercore ISI assumed coverage on Eagle Bulk Shipping in a research report on Tuesday, May 29th. They issued an “outperform” rating and a $7.50 price objective for the company. Finally, BidaskClub upgraded Eagle Bulk Shipping from a “hold” rating to a “buy” rating in a research report on Saturday, June 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Eagle Bulk Shipping currently has an average rating of “Hold” and an average price target of $6.58.

EGLE traded up $0.11 during midday trading on Friday, hitting $5.28. The stock had a trading volume of 162,780 shares, compared to its average volume of 381,464. The firm has a market cap of $394.40 million, a P/E ratio of -12.57 and a beta of 2.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.76 and a quick ratio of 2.48. Eagle Bulk Shipping has a 1 year low of $4.18 and a 1 year high of $6.14.

Hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its position in 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 during the last quarter. Jump Trading LLC bought a new stake in Eagle Bulk Shipping in the first quarter valued at approximately $113,000. Tower Research Capital LLC TRC lifted its position in Eagle Bulk Shipping by 319.0% in the second quarter. Tower Research Capital LLC TRC now owns 26,944 shares of the shipping company’s stock valued at $146,000 after purchasing an additional 20,514 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Eagle Bulk Shipping in the fourth quarter valued at approximately $127,000. Finally, Royal Bank of Canada lifted its position in Eagle Bulk Shipping by 57,096.6% in the first quarter. Royal Bank of Canada now owns 33,174 shares of the shipping company’s stock valued at $164,000 after purchasing an additional 33,116 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

About Eagle Bulk Shipping

Eagle Bulk Shipping Inc is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels.

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