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JP Morgan Gives the Thumbs Up to Diana Shipping Inc. (DSX), Shares Surge

Shares of Diana Shipping Inc. (NYSE:DSX) are in bull-mode on Friday, rising 12% after Noah Parquette of JP Morgan upgraded the equity to ‘Overweight’ from ‘Neutral’ and setting a $8 price target. Parquette is bullish due to his belief that the recovery in the sector is ‘real and can be sustained for some time’. Shares of Diana Shipping Inc. (NYSE:DSX) have been trending higher due to firmer shipping rates, and Parquette believes the rates have ‘plenty of runway’ to move higher.

Previously, the industry suffered from ship oversupply and the slowdown of the Chinese economy, which imports a substantial percentage of the world’s dry bulk commodities. With the Chinese economy improving somewhat, however, and sentiment improving in part due to the election of Donald Trump, shipping prices have firmed up, helping Diana’s fundamentals and outlook.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Hedge fund sentiment improved around Diana Shipping in the fourth quarter. Of the 742 elite funds we track, the number of top institutions long the stock rose by one quarter-over-quarter to 8, while the amount held by those institutions rose to $36.33 million at the end of December from $27.52 million at the end of September. Among the bulls was David Iben‘s Kopernik Global Investors, which raised its stake by 30% in Q4 to 5.59 million shares.

The Bottom Line

Diana Shipping Inc. (NYSE:DSX) shares have surged 12% due to a Wall Street upgrade from JP Morgan. For more reading, check out ‘Busiest Shipping Ports in the World‘.

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Disclosure:None

Sheila Fitzgerald/Shutterstock.com

Sheila Fitzgerald/Shutterstock.com

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