Costamare Inc is Initiated by Citigroup to “Neutral”

Costamare Inc (CMRE) was Initiated by Citigroup to “Neutral” and the brokerage firm has set the Price Target at $5.50. Citigroup advised their Clients and Investors in a research report released on Feb 7, 2017.

On the company’s financial health, Costamare Inc reported $0.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jan 26, 2017. Analyst had a consensus of $0.29. The company had revenue of $110.13 million for the quarter, compared to analysts expectations of $108.69 million. The company’s revenue was down -9.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.44 EPS.

Costamare Inc opened for trading at $5.29 and hit $5.66 on the upside on Friday, eventually ending the session at $5.58, with a gain of 6.29% or 0.33 points. The heightened volatility saw the trading volume jump to 9,31,749 shares. Company has a market cap of $432 M.

Costamare Inc. (Costamare) is an international owner of containerships. The Company provides worldwide marine transportation services by chartering its container vessels to the liner operators under long medium and short-term time charters. As of February 27 2015 the Company had a fleet of 68 containerships with a total capacity in excess of 447000 twenty foot equivalent unit (TEU) including nine new builds on order. The Company’s containerships operate primarily under long-term fixed-rate time charters. The Company’s fleet of vessels includes COSCO GUANGZHOU COSCO NINGBO COSCO YANTIAN VANTAGE MSC MANDRAKI and ZIM NEW YORK among others. As of February 27 2015 the average (weighted by TEU capacity) remaining time-charter duration for its fleet of 68 containerships was approximately 4.5 years based on the remaining fixed terms and assuming the exercise of any owner’s options and the non-exercise of any charterer’s options under its containerships’ charters.

Costamare Inc

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