Last Call: Genco Shipping shares jump as analysts keep 'Buy'
NEW YORK—Shares of drybulk shipper Genco Shipping & Trading Ltd. leaped Friday as two analysts reiterated their "Buy" ratings on the stock, citing better-than-expected first-quarter results and a dividend boost.
The company said late Wednesday its profit soared nearly fourfold and beat Wall Street's expectations. It also raised its quarterly dividend to $1 from 85 cents.
Jefferies & Co. analyst Douglas Mavrinac said the company's charter strategy and financial flexibility provides Genco with room to grow and said shares are currently a good value for investors.
He maintained his full-year estimates and his 12-month price target of $93.
Lazard Capital Markets analyst Urs Dur kept his $90 price target on the stock but raised his earnings estimates for 2008 and 2009 on the growing demand for drybulk vessels this year.
He also predicted the company could raise its dividend further this year.
Shares rose $3.14, or 4.5 percent, to $72.93 in afternoon trading. The stock has traded between $33.39 and $78.08 in the past year.
rising
falling 