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

Performance Shipping (NASDAQ:PSHG) released its quarterly earnings results on Wednesday. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15), Zacks reports. Performance Shipping had a net margin of 31.85% and a return on equity of 9.57%.

Performance Shipping Price Performance

Shares of PSHG stock traded up $0.06 on Wednesday, reaching $1.87. 56,982 shares of the company were exchanged, compared to its average volume of 87,642. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.18 and a current ratio of 2.22. The business has a 50-day moving average price of $1.71 and a 200 day moving average price of $1.90. The company has a market cap of $23.24 million, a price-to-earnings ratio of 2.40 and a beta of -0.15. Performance Shipping has a 1 year low of $1.60 and a 1 year high of $2.58.

Institutional Trading of Performance Shipping

A hedge fund recently bought a new stake in Performance Shipping stock. Citadel Advisors LLC purchased a new position in shares of Performance Shipping Inc. (NASDAQ:PSHG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned 0.89% of Performance Shipping at the end of the most recent quarter. 19.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Performance Shipping Company Profile

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.