Analysts Issue Forecasts for Euroseas Ltd.'s Q3 2024 Earnings (NASDAQ:ESEA)

Euroseas Ltd. (NASDAQ:ESEA - Free Report) - Equities research analysts at Noble Financial upped their Q3 2024 earnings estimates for shares of Euroseas in a research report issued to clients and investors on Wednesday, September 25th. Noble Financial analyst M. Reichman now anticipates that the shipping company will post earnings of $3.78 per share for the quarter, up from their prior forecast of $2.75. Noble Financial has a "Strong-Buy" rating on the stock. The consensus estimate for Euroseas' current full-year earnings is $13.24 per share. Noble Financial also issued estimates for Euroseas' Q4 2024 earnings at $3.63 EPS, FY2024 earnings at $14.99 EPS, Q1 2025 earnings at $3.41 EPS, Q2 2025 earnings at $2.63 EPS, Q3 2025 earnings at $2.73 EPS, Q4 2025 earnings at $2.73 EPS and FY2025 earnings at $11.50 EPS.

Separately, Alliance Global Partners assumed coverage on shares of Euroseas in a research note on Monday, September 9th. They issued a "buy" rating and a $60.00 price target for the company.

Euroseas Stock Performance

NASDAQ:ESEA traded up $0.09 during mid-day trading on Friday, reaching $49.53. The company's stock had a trading volume of 19,287 shares, compared to its average volume of 39,575. The company has a current ratio of 1.46, a quick ratio of 1.41 and a debt-to-equity ratio of 0.52. The stock has a market cap of $347.01 million, a P/E ratio of 3.25 and a beta of 0.84. The firm's fifty day moving average price is $42.69 and its two-hundred day moving average price is $38.73. Euroseas has a 12-month low of $22.50 and a 12-month high of $49.80.

Euroseas (NASDAQ:ESEA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The shipping company reported $4.92 earnings per share for the quarter, topping the consensus estimate of $2.49 by $2.43. Euroseas had a return on equity of 38.07% and a net margin of 57.36%. The firm had revenue of $60.29 million during the quarter, compared to analysts' expectations of $49.33 million.

Institutional Trading of Euroseas

Hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC raised its position in Euroseas by 42.5% in the second quarter. Squarepoint Ops LLC now owns 12,135 shares of the shipping company's stock worth $424,000 after acquiring an additional 3,617 shares during the period. Renaissance Technologies LLC lifted its position in Euroseas by 3.0% during the second quarter. Renaissance Technologies LLC now owns 97,478 shares of the shipping company's stock valued at $3,403,000 after purchasing an additional 2,877 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Euroseas by 2.2% during the second quarter. Acadian Asset Management LLC now owns 73,365 shares of the shipping company's stock valued at $2,559,000 after purchasing an additional 1,602 shares during the period. Redhawk Wealth Advisors Inc. purchased a new stake in Euroseas in the second quarter worth about $248,000. Finally, Beacon Capital Management LLC bought a new position in shares of Euroseas in the first quarter worth about $36,000. Hedge funds and other institutional investors own 6.27% of the company's stock.

Euroseas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Monday, September 9th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 4.85%. The ex-dividend date was Monday, September 9th. Euroseas's payout ratio is currently 15.76%.

About Euroseas

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.