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On Wednesday, Stifel analysts upheld their Buy rating on Navigator (ELI:NVGR) Holdings Ltd. (NYSE:NVGS) with a steadfast price target of $21.00. Trading near its 52-week low and currently undervalued according to InvestingPro analysis, Navigator Holdings outperformed expectations in the fourth quarter with adjusted earnings of $0.39 per share, surpassing Stifel’s prediction of $0.31 and the consensus of $0.32. The higher than anticipated earnings were attributed to reduced interest expenses and a stronger contribution from joint ventures.
The shipping company reported a daily Time Charter Equivalent (TCE) rate of $28,341 and a vessel utilization rate of 92.2%, marking improvements from both the previous year and quarter. With trailing twelve-month revenue of $564.28 million and EBITDA of $259.6 million, Navigator Holdings declared a $0.05 per share dividend (1.45% yield) and plans to repurchase $1.9 million in shares by the end of the quarter, aiming to return 25% of its net income to shareholders.
Despite a year-over-year decline in throughput at the ethylene export terminal, which recorded 159,183 metric tons, Navigator’s share remained unchanged at $5.6 million, thanks to the collection of deficiency fees in December. The company’s export terminal expansion became operational on December 19, 2024, aligning with previous announcements. Additionally, Navigator completed the acquisition of three ethylene carriers. InvestingPro data shows the company maintains a strong financial health score, with 10+ additional insights available to subscribers.
While no new offtake agreements were disclosed, Navigator Holdings anticipates that the increased terminal capacity will secure contracts within the current year. This forward-looking expectation reflects the company’s confidence in its growth and operational strategy. For detailed analysis and valuation metrics, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Navigator Holdings reported first-quarter earnings that surpassed expectations. The company posted adjusted earnings per share of $0.38, exceeding analyst projections of $0.34. Revenue reached $144.03 million, which was higher than the anticipated $131.72 million. Navigator Holdings experienced a 1.7% year-over-year increase in total operating revenue, buoyed by strong demand and higher charter rates. The company noted that average daily time charter equivalent rates were $28,341 per vessel per day, showing a slight increase from the previous year. CEO Dag von Appen highlighted robust fleet utilization at 92.2%, supported by strong ethane demand from China. Additionally, Navigator Holdings declared a quarterly cash dividend of $0.05 per share and announced plans to repurchase approximately $1.9 million of its common stock. These developments reflect the company’s ongoing capital return policy.
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