- New ETFs
- Bond ETFs
- Currency ETFs
- Emerging Market ETFs
- Commodity ETFs
- Broad U.S. Equity ETFs
- Sector ETFs
- Specialty ETFs
FreeSeas to Acquire More Ships
Recent Articles by Monica Gerson
- Top Performing Industries For March 16 (MPEL, HOG, OPXT, CBI, ZLC)
- Top Narrow Based Indexes For March 16 (IFFNY, AMD, CMM)
- Wal-Mart (WMT) Shares Jump On The Opening Of The 1000th Walmart MoneyCenter; Announcement Of Additional 500 Centers
- Benzinga’s Top Downgrades (CREE, PPO, UWBK, WU, EAT)
- Stocks That Created New 52-Week Highs (BWINB, BSET, BGCP, BIIB, BFLY)
Analyst Color
- S&P Downgrade Invesco (IVZ) from Strong Buy to Buy
- S&P lowered Royal Caribbean (RCL) to Buy from Strong Buy
- Charles Maxwell Predicts Oil - $75, in 2010, – Likes Suncor (SU) & Cenovus Energy
- Dynamics Research Corporation’s (DRCO) Coverage Initiated With Hold Rating
- MYR’s Lighter-Than-Expected Bookings, Backlog Concerns Mitigated
Earnings
- Nike Earnings Preview (NKE)
- Focus Media Holding (FMCN) Jumps 7% After Hours
- KongZhong (KONG) Shares Up More Than 3% In After Hours Trading
- Harley-Davidson (HOG) Up Nearly 7% On Takeover Rumors
- Simcere Pharmaceutical Group (SCR) Shares Down 2% On Earnings News
Analyst Ratings
Posted on 11/17/09 at 1:43pm by Monica Gerson
Oppenheimer maintains its "perform" rating for FreeSeas Inc (NASDAQ: FREE), while raising its estimates for the company.
Oppenheimer said that FREE posted its Q3 2009 EPS at $0.02, missing the estimates and the consensus expectations, on account of lower-than-expected TCE revenues and higher-than-estimated vessel operating expenses. Oppenheimer expects FREE to sell additional equity and use the proceeds to acquire more ships. The purchase of a secondhand Handysize vessel would be accretive to FREE's annual EPS and EBITDA by $0.04 and $1.9 million, respectively.
FreeSeas vessel operating expenses were higher-than-expected at $5.6K/day on account of several one-time repair costs. According to FREE, vessel opex may stabilize at around $4 million per quarter or $4,500/day.
The EPS estimates for 2010 and 2011 have been raised from -$0.06 to -$0.05 and from -$0.28 to -$0.25, respectively.
Bookmark/Search this post with:
Related Articles
- MYR’s Lighter-Than-Expected Bookings, Backlog Concerns Mitigated
- Sterling Construction Company, Inc. (STRL) Maintains Buy Rating
- GMX Resources Inc. (GMXR) Maintains Buy Rating
- Data On SQNM’s T-21 Diagnostic Test To Act As A Catalyst
- CLUB Beats 4Q09 Expectations; 1Q10 Guidance Neutral To Slightly Negative
Today's Trading Ideas
Featured Articles
Related News from the Stock Market
- FreeSeas Announces the Addition of Keith Bloomfield to Its Board of Directors
- FreeSeas Announces 2009 Fourth Quarter and Year End Financial Results
- FreeSeas Inc. Schedules Financial Results and Conference Call for Its Fourth Quarter and Year-Ended December 31, 2009
- FreeSeas Announces New Charters for Six of Its Vessels
- FreeSeas Announces Extension of FREEW Warrants
There are 0 comments
Please note that comments may take up to one hour before they get published on the site. Please check back later to see your comments.
Post new comment
Receive Benzinga's Best 2010 Stock Idea!
