Odyssey Marine Exploration Inc (NASDAQ:OMEX) Gets Upgraded


Dallas, Texas 03/26/2014 (FINANCIALSTRENDS) – Zacks has upgraded Odyssey Marine Exploration Inc (NASDAQ:OMEX) shares from a “neutral” to an outperform rating in the research report that was released to investors. And currently has a price target of $2.60 on the stock. Odyssey Marine Exploration (NASDAQ:OMEX) last released the company’s earnings-data on 11 March 11th. It reported earnings per share of $0.13 for the quarter, which topped the average analysts’ projections of $0.12 by $0.01.

Odyssey Marine Exploration Inc (NASDAQ:OMEX) reported revenue of $7.20M for the quarter, in comparison to the average projection of $20.03 million. In the same quarter of the previous year, Odyssey Marine Exploration Inc (NASDAQ:OMEX) posted earnings per share of $0.05. On an average, analysts project that Odyssey Marine Exploration Inc (NASDAQ:OMEX) will post earnings per share of $-0.02 the current financial year.

In separate news, Odyssey Marine Exploration Inc (NASDAQ:OMEX) has reached the agreement in principle to now conduct its archaeological excavation & recover the remainder valuable gold-cargo out from the SS Central America shipwreck that is situated around approximately 160miles off the South Carolina coast. This exclusive contract will now become effective & additional information will also be available post the review & approval by Common Pleas Court of the Franklin County, Ohio, that has jurisdiction over the Recovery Limited Partnership & Columbus Exploration LLC. And, pending this approval of court, Odyssey Marine Exploration Inc (NASDAQ:OMEX) plans on starting work on this shipwreck site in 2014 April .

Odyssey has been selected for this project by , the court-appointed receiver, Ira Owen Kane who now represents the Recovery Limited Partnership & Columbus Exploration LLC. Kane is charged via the court with overseeing this recovery project, & has the benefit of the permanent injunction & exclusive salvage rights over SS Central America shipwreck that has been granted by the United States District Court for the Eastern Division of Virginia.