Himalaya Shipping (NYSE:HSHP) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Himalaya Shipping (NYSE:HSHP) announced its earnings results on Thursday. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01, Zacks reports. Himalaya Shipping had a net margin of 5.32% and a return on equity of 4.03%. The business had revenue of $37.40 million during the quarter, compared to the consensus estimate of $41.45 million.

Himalaya Shipping Stock Up 0.7%

Shares of NYSE HSHP traded up $0.05 during midday trading on Friday, reaching $7.73. The company’s stock had a trading volume of 119,224 shares, compared to its average volume of 138,248. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 4.25. The business’s 50 day moving average price is $8.13 and its two-hundred day moving average price is $6.98. Himalaya Shipping has a fifty-two week low of $4.29 and a fifty-two week high of $8.95.

Himalaya Shipping Cuts Dividend

The firm also recently declared a dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 17th will be given a $0.07 dividend. The ex-dividend date is Friday, November 14th.

Hedge Funds Weigh In On Himalaya Shipping

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Himalaya Shipping by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 356,350 shares of the company’s stock valued at $2,056,000 after acquiring an additional 11,828 shares during the period. Creative Planning acquired a new position in Himalaya Shipping in the second quarter valued at about $108,000. Rhumbline Advisers raised its stake in Himalaya Shipping by 42.4% in the second quarter. Rhumbline Advisers now owns 56,260 shares of the company’s stock valued at $325,000 after purchasing an additional 16,747 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Himalaya Shipping by 28.2% during the second quarter. Russell Investments Group Ltd. now owns 158,189 shares of the company’s stock worth $913,000 after purchasing an additional 34,758 shares during the period. Finally, Sei Investments Co. acquired a new stake in Himalaya Shipping during the second quarter worth about $107,000. 22.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HSHP has been the subject of several research reports. Wall Street Zen downgraded shares of Himalaya Shipping from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “hold (c)” rating on shares of Himalaya Shipping in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

About Himalaya Shipping

Himalaya Shipping Ltd. provides dry bulk shipping services worldwide. The company operates a fleet of vessels. It serves major commodity trading, commodity and energy transition, and multi-modal transport companies. Himalaya Shipping Ltd. was incorporated in 2021 and is based in Hamilton, Bermuda.