Star Bulk Carriers (NASDAQ:SBLK) Upgraded 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 Wednesday.

A number of other equities analysts have also weighed in on the company. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their target price for the stock from $30.00 to $21.00 in a research note on Wednesday, October 23rd. Jefferies Financial Group reissued a “buy” rating and set a $28.00 price objective on shares of Star Bulk Carriers in a report on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Star Bulk Carriers in a research report on Wednesday, September 4th. They set a “buy” rating and a $26.00 target price for the company. Finally, DNB Markets lowered shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Star Bulk Carriers presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

Star Bulk Carriers Stock Down 0.4 %

SBLK opened at $18.63 on Wednesday. The firm has a market capitalization of $1.57 billion, a P/E ratio of 6.33 and a beta of 1.00. Star Bulk Carriers has a one year low of $18.52 and a one year high of $27.47. The company has a fifty day moving average price of $20.77 and a 200-day moving average price of $22.64. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34.

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 given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 12.88%. The ex-dividend date is Thursday, December 5th. Star Bulk Carriers’s payout ratio is currently 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC purchased a new position in Star Bulk Carriers in the 2nd quarter worth $32,000. Blue Trust Inc. grew 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 buying an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Star Bulk Carriers in the second quarter worth about $54,000. Quarry LP lifted its stake in shares of Star Bulk Carriers by 39.8% in the 3rd 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. purchased a new stake in Star Bulk Carriers during the 3rd quarter valued at about $57,000. 33.91% of the stock is currently owned by institutional investors.

About Star Bulk Carriers

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.