Friday, May 22, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lowering 1Q26 estimates. We have reduced our 1Q26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS estimates to $42.9 million, $23.5 million, $9.5 million, and $0.45, respectively, from prior estimates of $43.9 million, $24.8 million, $10.1 million, and $0.48. The revisions primarily reflect a modest reduction in operating days to 1,696 from 1,700, a lower average daily TCE rate of $24,200 versus $25,100, and higher voyage and G&A expenses, including non-cash stock compensation.
FY26 estimates are mostly unchanged. We now project FY26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS of $182.1 million, $106.7 million, $50.4 million, and $2.40, respectively, compared with prior estimates of $183.2 million, $105.2 million, $50.4 million, and $2.40.
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