UPDATE: Global Hunter Securities Upgrades Knightsbridge Tankers (VLCCF) to Buy
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Price: $5.00 --0%
Rating Summary:
4 Buy, 1 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 1 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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(Updated - March 11, 2014 10:30 AM EDT)
Global Hunter Securities upgraded Knightsbridge Tankers (NASDAQ: VLCCF) from Neutral to Buy with a price target of $16.00. The change follows news it reached an agreement to acquire six Capesize vessels.
"Considering the recent strength of the dry bulk market, particularly the Capesize segment, this deal appears well timed. We believe that VLCCF is now positioned to generate substantial cash flow and pay a growing dividend," said analyst Omar Nokta.
"We view this deal as quite beneficial for VLCCF, especially due to the delivery timeframes of the newbuildings. The total cost of $360MM is in line with our assessments of such vessels, though we estimate a 2013-built Capesize at $57.5MM and a resale at $60.0MM," he added.
For an analyst ratings summary and ratings history on Knightsbridge Tankers click here. For more ratings news on Knightsbridge Tankers click here.
Shares of Knightsbridge Tankers closed at $11.23 yesterday.
Global Hunter Securities upgraded Knightsbridge Tankers (NASDAQ: VLCCF) from Neutral to Buy with a price target of $16.00. The change follows news it reached an agreement to acquire six Capesize vessels.
"Considering the recent strength of the dry bulk market, particularly the Capesize segment, this deal appears well timed. We believe that VLCCF is now positioned to generate substantial cash flow and pay a growing dividend," said analyst Omar Nokta.
"We view this deal as quite beneficial for VLCCF, especially due to the delivery timeframes of the newbuildings. The total cost of $360MM is in line with our assessments of such vessels, though we estimate a 2013-built Capesize at $57.5MM and a resale at $60.0MM," he added.
For an analyst ratings summary and ratings history on Knightsbridge Tankers click here. For more ratings news on Knightsbridge Tankers click here.
Shares of Knightsbridge Tankers closed at $11.23 yesterday.
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