Seanergy Maritime $SHIP stock briefly broke above its 200 day moving average on February 27, 2023, as the stock tests this major psychological level.
The stock trades with a crazy good annual dividend yield of 15.95%, and a P/E of 3.23. The company has a Forward P/E of 12.25.
The company has also recently taken the following steps to increase shareholder value.
- Buyback of $8 million of Convertible Notes
- Buyback of Warrants to purchase 4 million shares
- Elimination of potential dilution by 10.7 million shares
Seanergy Marine Upgraded at Fearnley
Ulrik Mannhart, a Fearnley analyst, previously upgraded Seanergy Marine from Hold to Buy on January 30, 2023, maintaining a 70c price target. In a research note, the analyst advises investors that now is a good time to buy as shipping stocks price in a slight decline in asset values. The company claims that solid optionality on an improving market is created by high dividend yields and its belief that asset values have bottomed out.
