Euroseas (NASDAQ:ESEA) Raised to Strong-Buy at Noble Financial

Noble Financial upgraded shares of Euroseas (NASDAQ:ESEA) to a strong-buy rating in a report issued on Wednesday morning, Zacks.com reports. Noble Financial also issued estimates for Euroseas’ Q2 2024 earnings at $2.49 EPS, Q3 2024 earnings at $2.21 EPS, Q4 2024 earnings at $2.34 EPS, FY2024 earnings at $9.70 EPS, Q1 2025 earnings at $2.51 EPS, Q2 2025 earnings at $1.44 EPS, Q3 2025 earnings at $1.42 EPS, Q4 2025 earnings at $1.43 EPS and FY2025 earnings at $6.80 EPS.

Euroseas Stock Down 1.4 %

Shares of NASDAQ ESEA opened at $39.15 on Wednesday. The firm’s 50-day moving average price is $37.68 and its 200-day moving average price is $36.58. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $274.44 million, a price-to-earnings ratio of 2.57 and a beta of 0.81. Euroseas has a 12-month low of $19.71 and a 12-month high of $42.46.

Euroseas (NASDAQ:ESEA) last announced its earnings results on Thursday, May 23rd. The shipping company reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.02 by ($0.36). The business had revenue of $48.29 million for the quarter, compared to analysts’ expectations of $48.10 million. Euroseas had a net margin of 54.50% and a return on equity of 39.84%.

Euroseas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 12th were issued a dividend of $0.60 per share. The ex-dividend date was Wednesday, June 12th. This represents a $2.40 annualized dividend and a yield of 6.13%. Euroseas’s payout ratio is 15.76%.

Hedge Funds Weigh In On Euroseas

Several hedge funds have recently added to or reduced their stakes in ESEA. Beacon Capital Management LLC bought a new position in Euroseas in the 1st quarter worth about $36,000. Tucker Asset Management LLC bought a new position in shares of Euroseas during the fourth quarter valued at approximately $86,000. Jump Financial LLC bought a new position in shares of Euroseas during the fourth quarter valued at approximately $262,000. Lazard Asset Management LLC boosted its stake in shares of Euroseas by 3,282.3% during the first quarter. Lazard Asset Management LLC now owns 8,219 shares of the shipping company’s stock valued at $294,000 after purchasing an additional 7,976 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Euroseas during the fourth quarter valued at approximately $350,000. 6.27% of the stock is currently owned by institutional investors.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.