Diana Shipping (NYSE:DSX) has been upgraded from a “sell” rating to a “hold” rating by analysts at Wall Street Zen, according to a research note issued on October 7, 2023. This change comes as a notable shift in sentiment toward the shipping company, although Weiss Ratings has maintained a “sell (d)” rating on the stock in a separate report dated October 8, 2023.
The mixed reviews reflect a broader uncertainty regarding Diana Shipping’s performance. Currently, one analyst has rated the stock as a sell, leading to an average rating of “sell” across the board, as reported by MarketBeat.
Quarterly Performance Highlights
Diana Shipping reported its quarterly earnings on November 20, 2023, revealing earnings per share of $0.05. The company experienced a return on equity of 4.09% and a net margin of 9.36%. The revenue for the quarter reached $51.86 million, falling short of the consensus estimate of $57.00 million.
These figures underscore the challenges the company faces in a competitive shipping market. Investors will be keen to see how these financial results impact future performance and investor sentiment.
Institutional Investment Activity
Recent activities by institutional investors indicate a fluctuating interest in Diana Shipping. During the third quarter, E Fund Management Hong Kong Co. Ltd. acquired a new position in Diana Shipping valued at approximately $1,088,000.
Pekin Hardy Strauss Inc. increased its stake by 17.2% in the second quarter, now owning 2,841,710 shares worth $4,149,000 after purchasing an additional 417,275 shares. In a more aggressive move, Vident Advisory LLC expanded its holdings by 213.5% during the first quarter, now possessing 459,051 shares valued at $716,000.
Other notable transactions include Squarepoint Ops LLC, which acquired a new stake in Diana Shipping worth $278,000 during the third quarter, and Mackenzie Financial Corp., which purchased a new stake valued at $212,000 earlier this year. Currently, institutional investors hold 48.68% of the stock, reflecting a significant interest in the company’s future.
Diana Shipping Inc. is involved in providing shipping transportation services globally. It specializes in transporting a variety of dry bulk cargoes, including commodities such as iron ore, coal, and grain. As of March 1, 2024, the company operates a fleet comprising 38 dry bulk vessels, categorized into various classes including Newcastlemax, Capesize, and Kamsarmax.
As the market continues to evolve, stakeholders will be closely monitoring how Diana Shipping navigates the changing landscape and whether the recent upgrade will influence investor confidence moving forward.
