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Summary

  • Diana Shipping’s financial results for Q1 2023 showed a net income of US$ 22.7 million in the quarter.
  • Arctic Securities gave a ‘Buy’ rating on DSX following the result announcement, with a price target of US$ 4.80.
  • Diana Shipping also announced a dividend on its common stock of US$ 0.15 per share.

Diana Shipping released its financial results for the three months ended March 31, 2023, reporting a net income of US$ 22.7 million in the quarter. The announcement resulted in Artic Securities upgrading its rating to ‘Buy’ on DSX.

Diana Shipping is a transportation services provider that operates a fleet of vessels. The company transports goods such as coal, iron ore and grains. In addition to this, the company also has dry bulk carrier vessels that transport minor bulks, steel products, cement, and fertilizers.

DSX price chart; Image Source: EODHD/Others

Post the announcement, Arctic Securities gave a ‘Buy’ rating on the stock, with a price target of US$ 4.80. This marks an upside potential of 26.98% on the previous close of the stock. DSX closed at US$ 3.78 on May 30, 2023. Exactly one year ago, the stock hit its 52-week high of US$ 6.89 on May 31, 2022.

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What analysts are saying about Diana Shipping

The mean recommendation rating for Diana Shipping is 2 on a scale of one to five, indicating a ‘Buy’ rating. Here, one represents ‘Strong Buy’ rating while five represents a ‘Strong Sell’ rating. The mean consensus target price on the stock is US$ 4.65, which is 23.02% higher than its previous close price of US$ 3.78.

As per data available on EODHD/Others, one analyst has given DSX a ‘Strong Buy’ rating, two analysts have given it a ‘Buy’ rating and one analyst has given it a ‘Hold’ rating. None of the analysts have given DSX a ‘Sell’ or ‘Strong Sell’ rating.

Image source: ©2023 Kalkine®; Data source: DSX EODHD/Others

Among other brokers, Fearnley Securities upgraded its rating on DSX to ‘Buy’, with a price target of US$ 4.80. Cleaves Securities also had a ‘Buy’ rating on the stock, with a price target of US$ 5, an upside potential of 32.28% on the stock’s previous close.

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Financial Results of Diana Shipping (NYSE: DSX)

Diana Shipping reported net income attributed to common stockholders of US$ 21.3 million for Q1 2023. This marked a decrease in the category from the previous year’s value of US$ 24.6 million in Q1 2022. The earnings per share during the quarter was US$ 0.22, as against earnings per share of US$ 0.32 in Q1 2022.

In the announcement, Diana Shipping also declared a dividend on its common stock of US$ 0.15 per share. The dividend is to be paid in additional stocks or, upon the election of common shareholders, in cash.

The shares outstanding for DSX are around 106 million. According to its latest release, the company plans to declare and pay quarterly dividend of a minimum of US$ 0.15 per share, with respect to the next two quarters of 2023.