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Genco Shipping & Trading (GNK) Gains As Market Dips: What You Should Know

Zacks Equity Research
·3-min read

Genco Shipping & Trading (GNK) closed the most recent trading day at $18.70, moving +0.54% from the previous trading session. This change outpaced the S&P 500's 1.15% loss on the day. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.08%.

Coming into today, shares of the transporter of drybulk cargo had lost 6.58% in the past month. In that same time, the Transportation sector gained 1.23%, while the S&P 500 gained 1.44%.

Genco Shipping & Trading will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2022. On that day, Genco Shipping & Trading is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 44%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $102.83 million, up 21.97% from the year-ago period.

GNK's full-year Zacks Consensus Estimates are calling for earnings of $4.62 per share and revenue of $429.29 million. These results would represent year-over-year changes of +8.96% and +7.07%, respectively.

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Investors should also note any recent changes to analyst estimates for Genco Shipping & Trading. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Genco Shipping & Trading is currently sporting a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Genco Shipping & Trading has a Forward P/E ratio of 4.03 right now. Its industry sports an average Forward P/E of 3.28, so we one might conclude that Genco Shipping & Trading is trading at a premium comparatively.

The Transportation - Shipping industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 33, which puts it in the top 14% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow GNK in the coming trading sessions, be sure to utilize Zacks.com.


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