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

Performance Shipping (NASDAQ:PSHG) announced its quarterly earnings data on Wednesday. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.15), Zacks reports. Performance Shipping had a net margin of 29.70% and a return on equity of 10.36%. The firm had revenue of $34.66 million for the quarter, compared to analyst estimates of $32.34 million.

Performance Shipping Stock Down 2.5%

Shares of NASDAQ:PSHG opened at $1.78 on Friday. The stock has a market capitalization of $22.19 million, a price-to-earnings ratio of 1.94 and a beta of -0.15. Performance Shipping has a 1-year low of $1.60 and a 1-year high of $2.58. The company’s fifty day moving average is $1.72 and its two-hundred day moving average is $1.90. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.18 and a current ratio of 2.22.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

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

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.