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Eagle Bulk Shipping (EGLE) Gains As Market Dips: What You Should Know

Zacks Equity Research
·3-min read

In the latest trading session, Eagle Bulk Shipping (EGLE) closed at $46.86, marking a +1.91% move from the previous day. This move outpaced the S&P 500's daily loss of 0.2%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.12%.

Heading into today, shares of the shipping company had gained 9.97% over the past month, outpacing the Transportation sector's loss of 7.35% and the S&P 500's loss of 3.29% in that time.

Eagle Bulk Shipping will be looking to display strength as it nears its next earnings release. In that report, analysts expect Eagle Bulk Shipping to post earnings of $4.45 per share. This would mark a year-over-year decline of 9.55%. Meanwhile, our latest consensus estimate is calling for revenue of $137.15 million, down 10.43% from the prior-year quarter.

For the full year, our Zacks Consensus Estimates are projecting earnings of $16.92 per share and revenue of $559.74 million, which would represent changes of +38.92% and +14.26%, respectively, from the prior year.

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Any recent changes to analyst estimates for Eagle Bulk Shipping should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.24% lower. Eagle Bulk Shipping is holding a Zacks Rank of #4 (Sell) right now.

Looking at its valuation, Eagle Bulk Shipping is holding a Forward P/E ratio of 2.72. Its industry sports an average Forward P/E of 3.11, so we one might conclude that Eagle Bulk Shipping is trading at a discount comparatively.

The Transportation - Shipping industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 85, which puts it in the top 34% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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


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Zacks Investment Research