Cantor Fitzgerald Upgrades StealthGas (GASS) to Buy; Attractive Valuation
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Price: $9.49 --0%
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
Rating Summary:
8 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
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Cantor Fitzgerald upgraded StealthGas (NASDAQ: GASS) to Buy, price target lowered by $1 to $6.
Cantor analyst says, "The company's average TCE rate increased 7% year-over-year at $7,457 per vessel/day, above our estimate of $7,395 per vessel/day, while the average number of vessels operated rose to 38.7 from 37.6 in 2Q:10. Fleet utilization increased to 87.5%, versus 87.1% in 2Q:10 and our forecast of 96.0%, as a result of less of the company's ships operating on the spot market. The company continues to deploy capital to repurchase its own shares, which it views as undervalued. During August, StealthGas bought 350,000 shares, and since the stock repurchase program was implemented, has repurchased 1.5 million shares in total (approximately 7% of the shares outstanding). We generally maintain our estimates. We expect the company to report 2011 EPS of $0.66 (from $0.65) and 2011 EBITDA of $55 million. For 2012, we look for GASS to generate EPS of $0.83 and EBITDA of $59 million."
For more ratings news on StealthGas click here and for the rating history of StealthGas click here.
Shares of StealthGas closed at $4.17 yesterday.
Cantor analyst says, "The company's average TCE rate increased 7% year-over-year at $7,457 per vessel/day, above our estimate of $7,395 per vessel/day, while the average number of vessels operated rose to 38.7 from 37.6 in 2Q:10. Fleet utilization increased to 87.5%, versus 87.1% in 2Q:10 and our forecast of 96.0%, as a result of less of the company's ships operating on the spot market. The company continues to deploy capital to repurchase its own shares, which it views as undervalued. During August, StealthGas bought 350,000 shares, and since the stock repurchase program was implemented, has repurchased 1.5 million shares in total (approximately 7% of the shares outstanding). We generally maintain our estimates. We expect the company to report 2011 EPS of $0.66 (from $0.65) and 2011 EBITDA of $55 million. For 2012, we look for GASS to generate EPS of $0.83 and EBITDA of $59 million."
For more ratings news on StealthGas click here and for the rating history of StealthGas click here.
Shares of StealthGas closed at $4.17 yesterday.
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