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Saturday, October 1, 2016

OSG Raised To “Buy”

February 16, 2000

ING Barings analyst Stephen Gengaro raised his rating of shipowner Overseas Shipholding Group Inc. (OSGIQ) to buy from hold and set a 12-month price target of $28 to $30. In a research note, he raised his 2000 earnings per share estimate to 75 cents from 20 cents and initiated a 2001 EPS estimate of $1.25. He is maintaining his 1999 EPS estimate at 14 cents. Gengaro maintains a bullish outlook for international tankers and believes the current tanker industry fundamentals are the strongest since the mid-1980s. He said New York-based OSG has realized surprisingly solid earnings in very weak market conditions and has yielded about $40 million in cost savings over the past year.


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