Eagle Bulk Shipping Reports Strong Quarter, Deutsche Bank Rates At Hold (EGLE)

Deutsche Bank is rating shares of dry bulk shipper Eagle Bulk Shipping EGLE a Hold and has a $6 price target on it after the company reported strong quarterly estimates that beat the banks' own expectations. In the report Deutsche Bank writes, "After the close yesterday, EGLE reported Q2 EPS of $0.18/share beating our estimate of $0.11/share and consensus of $0.10/share. The better than expected earnings were primarily driven by higher average TCE rates resulting from profit share arrangements. EGLE had three newbuildings deliver during the quarter increasing total operating days and continues to maintain high vessel utilization through its time chartered fleet. Despite high time charter coverage, EGLE maintains spot market exposure through profit sharing agreement as well as spot index based agreements." Shares of Eagle Bulk Shipping are up strong this morning, up 16 cents to $4.99.