OceanPal (NASDAQ:OP) Shares Up 2.9% – Here’s Why

OceanPal Inc. (NASDAQ:OP)’s stock price was up 2.9% during trading on Tuesday . The company traded as high as $1.1899 and last traded at $1.08. Approximately 148,812 shares were traded during trading, a decline of 67% from the average daily volume of 454,017 shares. The stock had previously closed at $1.05.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Wall Street Zen raised OceanPal to a “sell” rating in a research report on Saturday, August 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of OceanPal in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

OceanPal Stock Performance

The firm has a market capitalization of $6.76 million, a price-to-earnings ratio of -0.02 and a beta of 1.16. The firm has a fifty day moving average price of $1.45 and a 200 day moving average price of $10.18.

OceanPal announced that its board has approved a share repurchase program on Monday, December 1st that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 109% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On OceanPal

A hedge fund recently bought a new stake in OceanPal stock. Citadel Advisors LLC acquired a new position in shares of OceanPal Inc. (NASDAQ:OP) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned about 0.34% of OceanPal as of its most recent filing with the Securities & Exchange Commission.

About OceanPal

OceanPal Inc (NASDAQ: OP) is a Bermuda‐incorporated shipping company focused on the ownership and operation of modern crude oil tankers on a long‐term time charter basis. The company’s fleet includes both very large crude carriers (VLCCs) and Suezmax vessels, constructed at leading shipyards and maintained to high technical and safety standards. By securing multi‐year charter agreements with major oil producers and trading houses, OceanPal aims to generate stable revenue streams and enhance predictability of cash flows.

The origins of OceanPal trace back to General Maritime Corp., which was established in 2005 and listed on the NASDAQ.