One of the major problems of EGLE (and EXM, GNK, NM, SBLK etc.) is the ton of debt they have. if you check their equity/long term debt and equity/total liabilities ratios you will confirm that both ratios are << 1 !
Most of them have also liquidity problems (current assets/current liabilities < 1 too) !
This obviously scares the analysts because some of these shippers will go broke as this happens during the down cycle of EVERY INDUSTRY.
We have not seen any shipper go broke so far during this down cycle so the things in this industry have not cleared yet. According to the unwritten law of ANY INDUSTRY during its down phase, some shippers must die (bankruptcy or acquired by others) and the first victims of the list are those with debt and liquidity problems.
So this is why the analysts do not recommend EGLE.
Check now From etrade/thomson reuters what they say about PRGN (Paragon)
0 sell 0 underperform 1 hold 2 buy 1 strong buy
Number of Analysts included in the consensus: 4
Thomson Reuters 4 Wall Street Analysts included in the consensus. The average consensus recommendation is 2.00"
So now you can compare these recommendations about PRGN with the recommendations about EGLE.
To correct the information in your post: For the last 3 quarters, EGLE has a current ratio of significantly over 1.
As of 6/30/10, per their earnings release,
Current assets, $117M (including cash of $102M) Current liabilities $34M Current ratio = 3.0
In fact, their cash balance has been increasing over the past few quarters, ($71M, $84M, $102M for the last 3, respectively), so any liquidity problems are improving. They are accumulating cash for future debt service on their newbuilds.