Maxim Group Sticks to Its Hold Rating for Eagle Bulk Shipping

By Jason Carr

In a report released today, James Jang from Maxim Group reiterated a Hold rating on Eagle Bulk Shipping (NASDAQ: EGLE), with a price target of $4.50. The company’s shares closed yesterday at $4.62, close to its 52-week high of $11.16.

Jang wrote:

“We are raising 2H17 estimates for EGLE based on what we predict could be a stronger rate environment for the handymax segment.”

According to TipRanks.com, Jang is a 3-star analyst with an average return of 5.0% and a 52.9% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP , Nordic American Tanker, and Navigator Holdings.

Eagle Bulk Shipping has an analyst consensus of Hold, with a price target consensus of $4.50.

Based on Eagle Bulk Shipping’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $53.63 million and GAAP net loss of $5.89 million. In comparison, last year the company earned revenue of $25.59 million and had a GAAP net loss of $22.5 million.

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Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer.