#3 - Diana Shipping (NYSE:DSX)
If you're looking to invest strictly in the dry goods shipping industry, there may be better options than Diana Shipping Inc. (NYSE: DSX). However, if you're looking for cheap dividend stocks with solid upside potential, the company's 10.24% yield is hard to ignore.
Notably, DSX stock was in a year-long decline until the end of March. That coincided with the Baltimore bridge collapse. While it's too early to tell how the company may be impacted, it certainly seems that the cost dry shippers can charge will increase significantly in the short term. That's bullish for the sector.
Still, DSX is lagging behind some other shippers. That may have to do with the fact that the company cut its dividend sharply early in 2024. But the 69% payout ratio now looks much more sustainable.
Macroeconomics can either work in the company's favor or to its detriment. But with the economy continuing to defy expectations, Diana Shipping looks like a solid speculative play as a cheap dividend stock.
About Diana Shipping
Diana Shipping Inc provides shipping transportation services. The company transports a range of dry bulk cargoes, including commodities, such as iron ore, coal, grain, and other materials in shipping routes worldwide. As of March 1, 2024, it operated a fleet of 38 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 9 Ultramax, and 6 Panamax.
Read More - Current Price
- $1.86
- Consensus Rating
- Hold
- Ratings Breakdown
- 0 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $3.00 (61.3% Upside)
