The Shipping Sector: Penny Stocks Are Full Steam Ahead

Again we come back to one of our best penny stock picks from 2010 OceanFreight Inc. (Nasdaq: OCNF), a dry bulk shipping company whose shares were just $0.48 in May, 2010. OCNF was acquired by DryShips Inc. (Nasdaq: DRYS) in July of 2011 for $19.85 per share. Why is that pertinent?  Because on Tuesday, almost every small cap shipping company had coverage initiated by the Wall Street analyst firm Global Hunter Securities, many of which are penny stocks.

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Shipping Sector Stocks to Watch:

• Paragon Shipping Inc (NASDAQ: PRGN): “neutral” rating and a $0.75 price target on PRGN stock.
• Star Bulk Carriers (NASDAQ: SBLK): “accumulate” rating and a $1.00 price target on SBLK stock. We covered SBLK stock here a few weeks ago with the companies commitment to achieve Nasdaq compliance of a $1 closing price for 10 consecutive trading days.
• Eagle Bulk Shipping Inc (NASDAQ: EGLE): “reduce” rating and a $0.75 price target on EGLE stock.
• Excel Maritime Carriers Ltd (NYSE: EXM): “reduce” rating and a $0.75 price target on EXM stock.
• DryShips Inc. (NASDAQ: DRYS) : “buy” rating and a $6.00 price target on DRYS stock.
• Genco Shipping & Trading Ltd (NYSE: GNK): “reduce” rating and a $2.50 price target on GNK stock.
• Navios Maritime Holdings Inc. (NYSE: NM): “buy” rating and a $5.00 price target on NM stock.
• Baltic Trading Limit (NASDAQ: BALT): “buy” rating and a $6.00 price target on BALT stock.
• Safe Bulkers, Inc. (NYSE: SB): “buy” rating and a $5.00 price target on SB stock.
• Diana Containerships (NASDAQ: DCIX): “buy” rating and a $9.00 price target on DCIX stock.
• Box Ships Inc (NYSE: TEU): “buy” rating and a $10.00 price target on TEU stock. Global Hunter Securities noted that the move was a valuation call.
• Diana Shipping Inc. (NYSE: DSX): “buy” rating and a $11.00 price target on DSX stock.

Shipping Sector Stocks: Moving Average and 52 Week High Analysis

PPS % Chg From 50-Day MA % Chg From 200-Day MA % Chg From 52-WK High 52-WK High
PRGN Paragon Shipping Inc. 0.59 -13.49% -20.61% -79.37% 2.86
SBLK Star Bulk Carriers Corp. 0.745 -15.42% -25.54% -65.98% 2.19
EGLE Eagle Bulk Shipping, Inc. 1.01 -30.70% -28.14% -65.65% 2.94
EXM Excel Maritime Carriers, Ltd. 1.06 -33.84% -40.16% -69.10% 3.43
DRYS DryShips, Inc. 2.28 -22.65% -18.15% -47.47% 4.34
GNK Genco Shipping & Trading Ltd. 3.15 -33.37% -52.72% -68.93% 10.14
NM Navios Maritime Holdings Inc. 3.30 -9.90% -12.51% -38.32% 5.35
BALT Baltic Trading Limited 3.88 -7.78% -12.96% -41.83% 6.67
SB Safe Bulkers, Inc. 6.49 -0.33% -2.41% -18.16% 7.93
DCIX Diana Containerships Inc. 7.11 8.21% 16.64% -35.42% 11.01
TEU Box Ships Inc. 7.66 -10.58% -14.86% -32.75% 11.39
DSX Diana Shipping Inc. 7.75 -0.56% -5.50% -33.48% 11.65

Bottom Line: The Nasdaq listed penny stocks above that are under $1, will be $1 and for a duration of at least 10 consecutive trading days or they forfeit their right to trade on the exchange. They could reverse split their shares which is no fun for investors, or, like SBLK directors have already committed to doing, purchase their shares in the open market to drive the price of the stock back up.

SBLK today would get you 34.23% profit when it gets back to $1. You’re a fool if you don’t take the free money in front of you.

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