Star Bulk Carriers (NASDAQ:SBLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage currently has a $12.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 8.21% from the company’s previous close.
According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols SBLK and SBLKW respectively. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus definitive agreement to acquire two further dry bulk carriers. “
Several other research firms have also recently weighed in on SBLK. TheStreet cut shares of Star Bulk Carriers from a “c-” rating to a “d” rating in a research report on Friday, August 9th. BidaskClub raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, ValuEngine raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $13.50.
Shares of SBLK traded down $0.22 during trading hours on Thursday, hitting $11.09. 1,153,613 shares of the stock were exchanged, compared to its average volume of 452,776. Star Bulk Carriers has a fifty-two week low of $6.16 and a fifty-two week high of $14.45. The business has a 50-day moving average of $10.43 and a 200-day moving average of $9.08. The firm has a market capitalization of $1.02 billion, a P/E ratio of 9.99 and a beta of 1.61.
Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings data on Wednesday, August 7th. The shipping company reported ($0.22) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.09. Star Bulk Carriers had a negative net margin of 0.99% and a positive return on equity of 2.09%. The company had revenue of $157.79 million during the quarter, compared to analysts’ expectations of $137.11 million. As a group, equities analysts anticipate that Star Bulk Carriers will post 0.18 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of SBLK. Oaktree Capital Management LP boosted its stake in Star Bulk Carriers by 5.7% during the second quarter. Oaktree Capital Management LP now owns 37,413,697 shares of the shipping company’s stock worth $361,043,000 after acquiring an additional 2,029,500 shares in the last quarter. Impala Asset Management LLC boosted its stake in Star Bulk Carriers by 4.9% during the second quarter. Impala Asset Management LLC now owns 3,810,325 shares of the shipping company’s stock worth $36,770,000 after acquiring an additional 178,799 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Star Bulk Carriers by 7.8% during the second quarter. Renaissance Technologies LLC now owns 1,993,426 shares of the shipping company’s stock worth $19,237,000 after acquiring an additional 145,000 shares in the last quarter. Marshall Wace LLP boosted its stake in Star Bulk Carriers by 14.0% during the first quarter. Marshall Wace LLP now owns 858,508 shares of the shipping company’s stock worth $5,649,000 after acquiring an additional 105,185 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Star Bulk Carriers during the second quarter worth $855,000. 56.72% of the stock is currently owned by institutional investors and hedge funds.
Star Bulk Carriers Company Profile
Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of April 10, 2019, the company had a fleet of 109 vessels with an aggregate capacity of approximately 12.45 million deadweight ton, including 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax, and 10 Supramax vessels.
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