Diana Shipping inc. (DSX) Stock Price Down 15% After Earnings Miss
Diana Shipping inc. (NYSE:DSX) was down 15% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $3.34 and last traded at $3.40, with a volume of 4,803,294 shares. The stock had previously closed at $4.00.
The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.41) by $0.58. Diana Shipping inc. had a negative net margin of 75.27% and a negative return on equity of 8.54%. The company had revenue of $27.10 million for the quarter, compared to the consensus estimate of $28.01 million. During the same quarter in the previous year, the business earned ($0.24) earnings per share. Diana Shipping inc.’s revenue was down 30.3% compared to the same quarter last year.
Several research firms recently commented on DSX. Jefferies Group set a $3.00 price objective on Diana Shipping inc. and gave the stock a “hold” rating in a report on Wednesday, July 27th. Seaport Global Securities began coverage on Diana Shipping inc. in a report on Tuesday, August 2nd. They issued a “neutral” rating and a $3.00 price objective for the company. Deutsche Bank AG upgraded Diana Shipping inc. from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $1.50 to $2.50 in a report on Friday, August 26th. Zacks Investment Research downgraded Diana Shipping inc. from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Finally, Clarkson Capital reiterated a “neutral” rating on shares of Diana Shipping inc. in a report on Friday, September 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $3.29.
Several large investors have recently added to or reduced their stakes in DSX. Credit Suisse AG increased its stake in Diana Shipping inc. by 33.0% in the third quarter. Credit Suisse AG now owns 70,931 shares of the company’s stock worth $185,000 after buying an additional 17,611 shares in the last quarter. UBS Oconnor LLC bought a new position in Diana Shipping inc. during the third quarter worth $2,148,000. KCG Holdings Inc. bought a new position in Diana Shipping inc. during the third quarter worth $103,000. Timber Hill LLC boosted its position in Diana Shipping inc. by 31.9% in the third quarter. Timber Hill LLC now owns 52,925 shares of the company’s stock worth $139,000 after buying an additional 12,800 shares during the last quarter. Finally, Phoenix Investment Adviser LLC bought a new position in Diana Shipping inc. during the third quarter worth $376,000. Institutional investors and hedge funds own 45.33% of the company’s stock.
The company’s market cap is $273.82 million. The firm’s 50-day moving average price is $2.75 and its 200-day moving average price is $2.63.
Diana Shipping inc. Company Profile
Diana Shipping Inc is a holding company. The Company is engaged in providing shipping transportation services. The Company is also engaged in the ocean transportation of dry bulk cargoes across the world through the ownership of dry bulk carrier vessels. Its fleet consists of over 45 dry bulk vessels, of which 22 are Panamax, four are Kamsarmax, three are Post-Panamax, 14 are Capesize and two are Newcastlemax vessels, having a combined carrying capacity of over 5.2 million dead weight tons.
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