Dry-bulk shipping peer
(FREE - Get Report) saw its shares rise 2.3% Monday afternoon.
The operator of drybulk carriers posted a net loss of $9.5 million, or $1.51 per share, for the third quarter, compared with a profit of $465,000, or 8 cents per share, in the year-earlier period.
FreeSeas' revenue pushed up 5.3% to $13.8 million.
(PRGN - Get Report) shares were up 2.6% Monday afternoon.
Analysts from Cantor Fitzgerald maintained a buy rating on Paragon but recently lowered their price target on the stock by $1 to $5.
"We now look for Paragon to report 2010 earnings per share of 39 cents (from 33 cents) and
earnings before interest, taxes, depreciation and amortization
of $65 million (from $67 million)," the equities research firm noted. "For 2011, we look for PRGN to generate EPS of 40 cents and EBITDA of $70 million. We note that our 2011 estimates assume the company's open vessels achieve an average daily rate of $18,000 for the Handymaxes."
(ESEA - Get Report)
swung to a quarterly loss. The shipper posted lower revenue and hedging benefits, and said rates continued to soften.
Euroseas posted a smaller-than-expected loss but revenue came in shy of expectations.
The drybulk carrier saw its shares bid up 2.7%% in afternoon trading Monday.
-- Written by Miriam Marcus Reimer in New York.
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