Boston, MA 03/18/2014 (wallstreetpr) – Knightsbridge Tankers Limited (NASDAQ:VLCCF) a leader in seaborne transportation, recent announcement that it is set to buy six new capesize dry bulk vessels seem to have caught the attention of many research equity firms who now rate the company’s stock favorably in the market. Analysts at Zacks upgraded the company’s stock from “neutral” to an “outperform”, awaiting the acquisition of the six new vessels
Analysts at Zacks now have a share price target of $13.70 on the company’s stock which has a potential downside of 2.14%. Analysts at UBS AG also upgraded Knightsbridge Tankers stock from a “neutral” to a “Buy” as the company continues to show strengths in impressive growth in revenue as well as growth in earnings per share and solid stock prices. They now have a price target of $16.
Analysts at Morgan Stanley on the other hand have an “Overweight “rating on Knightsbridge Tankers stock with a share price target of $12 up from $9.50. Knightsbridge Tankers Is currently rated as a “Hold” by two research equity firms and as a “Buy” by six. The stock average rating in the market currently stands at a “Buy” with an average share price of $14.62.
Knightsbridge Tankers Limited (NASDAQ:VLCCF) last posted its quarterly earnings on February 4 in which earnings per share came in at $0.12, beating consensus estimates of $0.08. The company’s stock has a 52 week low of $6.10 with a 52 week high of $13.22
Knightsbridge Tankers new acquisitions
Knightsbridge Tankers Limited (NASDAQ:VLCCF) is set to acquire 6 Capesize Vessels from companies associated with John Fredriksen. Five of the new built ships are being ordered from a Chinese yard scheduled for delivery on the third quarter of 2014. Knightsbridge Tankers will pay $61 million for each of the newly built vessels and $55 million for the delivered vessels. The transaction will be funded by $186 million of VLCCF shares to be issued at $10 per share and $24 million from cash on hand.
