Star Bulk Carriers (NASDAQ:SBLK) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a buy rating in a research report report published on Friday.

A number of other brokerages have also issued reports on SBLK. Deutsche Bank Aktiengesellschaft began coverage on Star Bulk Carriers in a research note on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a research report on Wednesday, November 20th. Stifel Nicolaus lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price target for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Finally, DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and lifted their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Star Bulk Carriers has a consensus rating of “Moderate Buy” and an average target price of $23.80.

Star Bulk Carriers Trading Up 0.5 %

Shares of Star Bulk Carriers stock opened at $14.80 on Friday. The firm has a market cap of $1.24 billion, a PE ratio of 5.00, a P/E/G ratio of 3.95 and a beta of 0.96. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. Star Bulk Carriers has a fifty-two week low of $14.59 and a fifty-two week high of $27.47. The business’s fifty day moving average is $18.32 and its two-hundred day moving average is $21.13.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Thursday, December 5th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 16.22%. The ex-dividend date was Thursday, December 5th. Star Bulk Carriers’s payout ratio is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. acquired a new position in shares of Star Bulk Carriers during the 3rd quarter valued at $57,000. Geode Capital Management LLC raised its position in Star Bulk Carriers by 359.3% in the third quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock valued at $10,833,000 after purchasing an additional 357,720 shares during the period. Barclays PLC lifted its stake in shares of Star Bulk Carriers by 7,313.4% during the third quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after purchasing an additional 449,113 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Star Bulk Carriers in the third quarter worth about $1,731,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Star Bulk Carriers in the third quarter valued at about $648,000. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

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 bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.