Star Bulk Carriers (NASDAQ:SBLK) Upgraded 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 report issued on Wednesday morning.

Other analysts also recently issued reports about the stock. DNB Markets downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Jefferies Financial Group reaffirmed a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective for the company. Finally, Stifel Nicolaus downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Star Bulk Carriers has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Stock Performance

NASDAQ SBLK opened at $18.63 on Wednesday. Star Bulk Carriers has a 52-week low of $18.52 and a 52-week high of $27.47. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.34 and a current ratio of 1.69. The company has a market capitalization of $1.57 billion, a P/E ratio of 6.29 and a beta of 1.00. The company has a fifty day moving average of $20.72 and a 200-day moving average of $22.59.

Star Bulk Carriers Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 12.88%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers’s dividend payout ratio is presently 94.59%.

Institutional Trading of Star Bulk Carriers

Hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC bought a new position in shares of Star Bulk Carriers during the second quarter valued at about $32,000. Blue Trust Inc. raised its stake in shares of Star Bulk Carriers by 190.5% during the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Star Bulk Carriers during the second quarter valued at about $54,000. Quarry LP raised its stake in shares of Star Bulk Carriers by 39.8% during the third quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 673 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of Star Bulk Carriers during the third quarter valued at about $57,000. 33.91% of the stock is owned by 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.