The latest AAII Bull/Bear survey showed the fewest number of bulls since 1992. Given the current macro picture with spiraling inflation, higher interest rates, war in Eastern Europe and rising crime rates in big cities, there really should be no surprise over the horrible survey results. While contrarians would point to the survey numbers as a positive, it is important to remember there were three notable periods that saw significantly bearish readings in the past, in 2008, 2011 and 2015, that preceded further declines in equities.
A new research report from BTIG Research cites the AAII survey and includes a group of stocks that look very promising during these difficult times. With almost all the major GIC sectors seemingly poised to trade lower in the near term, this may be an incredible group of companies to look at now.
The BTIG analysts feel that four top shipping stocks that have acted extremely well in the face of some turbulent trading, and that in some cases pay double-digit dividends, may be among the best bets for investors for the second quarter and the rest of 2022. While the following stocks are rated Buy at the firm, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Eagle Bulk Shipping
This industry leader broke out in a big way and has been consolidating in recent trading. Eagle Bulk Shipping Inc. (NASDAQ: EGLE) engages in the ocean transportation of dry bulk cargoes worldwide.
The company owns, charters and operates dry bulk vessels that transport a range of cargoes, including iron ore, coal, grains, fertilizers, steel products, petcoke, cement and forest products. It serves miners, producers, traders and end users. As of December 31, 2021, the company owned and operated a fleet of 53 vessels.
Eagle focuses exclusively on the versatile midsize dry bulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The company performs all management services in-house (including strategic, commercial, operational, technical and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.
Shareholders receive a huge 12.93% dividend. BTIG has a $75 price target for Eagle Bulk Shipping stock. The consensus target is $73.30, and the stock closed over 4% higher on Monday at $70.85.
Genco Shipping & Trading
This is another top stock in the group that broke out late last month and looks poised to trade higher. Genco Shipping & Trading Ltd. (NYSE: GNK) engages in the ocean transportation of dry bulk cargoes worldwide. The company owns and operates dry bulk carrier vessels to transport iron ore, coal, grains, steel products and other dry bulk cargoes. It charters its vessels primarily to trading houses, including commodities traders, producers and government-owned entities.
Genco provides a full-service logistics solution to customers utilizing an in-house commercial operating platform, as it transports key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes.
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