Performance Shipping (NASDAQ:PSHG) Issues Quarterly Earnings Results

Performance Shipping (NASDAQ:PSHG) posted its quarterly earnings results on Tuesday. The company reported $0.26 earnings per share for the quarter, Zacks reports. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.

Performance Shipping Trading Up 2.7%

PSHG stock traded up $0.05 during midday trading on Tuesday, reaching $1.70. The company’s stock had a trading volume of 17,423 shares, compared to its average volume of 103,624. The firm has a market capitalization of $21.07 million, a price-to-earnings ratio of 1.32 and a beta of -0.11. The company has a debt-to-equity ratio of 0.65, a quick ratio of 2.18 and a current ratio of 2.22. Performance Shipping has a 1 year low of $1.52 and a 1 year high of $2.58. The stock has a fifty day simple moving average of $1.86 and a two-hundred day simple moving average of $2.06.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Performance Shipping from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Performance Shipping currently has an average rating of “Hold”.

Hedge Funds Weigh In On Performance Shipping

A hedge fund recently bought a new stake in Performance Shipping stock. Citadel Advisors LLC acquired a new stake in shares of Performance Shipping Inc. (NASDAQ:PSHG) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 110,439 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned approximately 0.89% of Performance Shipping at the end of the most recent reporting period. Institutional investors own 19.90% of the company’s stock.

About Performance Shipping

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.