Star Bulk Carriers Corp. (SBLK) Rating Increased to Buy at Zacks Investment Research
Star Bulk Carriers Corp. (NASDAQ:SBLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $5.75 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 2.31% 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. “
SBLK has been the topic of several other reports. Pareto Securities upgraded shares of Star Bulk Carriers Corp. from a “hold” rating to a “buy” rating in a research report on Monday, October 10th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Star Bulk Carriers Corp. in a report on Wednesday, September 28th. Morgan Stanley reaffirmed a “sell” rating and issued a $3.00 price target on shares of Star Bulk Carriers Corp. in a report on Friday, September 16th. Jefferies Group reissued a “buy” rating and set a $6.00 price objective (up previously from $5.00) on shares of Star Bulk Carriers Corp. in a research note on Friday, September 16th. Finally, Seaport Global Securities reissued a “neutral” rating and set a $4.00 price objective on shares of Star Bulk Carriers Corp. in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Star Bulk Carriers Corp. currently has a consensus rating of “Hold” and an average target price of $4.38.
Star Bulk Carriers Corp. (NASDAQ:SBLK) opened at 5.62 on Tuesday. Star Bulk Carriers Corp. has a 1-year low of $1.57 and a 1-year high of $6.10. The firm has a 50-day moving average of $4.67 and a 200-day moving average of $4.17. The stock’s market capitalization is $247.03 million.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last posted its quarterly earnings data on Wednesday, September 14th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by $0.03. The business earned $52.65 million during the quarter. Star Bulk Carriers Corp. had a negative net margin of 187.42% and a negative return on equity of 10.28%. Equities research analysts anticipate that Star Bulk Carriers Corp. will post ($2.53) EPS for the current year.
A hedge fund recently raised its stake in Star Bulk Carriers Corp. stock. Geode Capital Management LLC raised its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 64.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,746 shares of the company’s stock after buying an additional 53,743 shares during the period. Geode Capital Management LLC owned 0.06% of Star Bulk Carriers Corp. worth $102,000 at the end of the most recent quarter. 58.89% of the stock is owned by institutional investors and hedge funds.
About Star Bulk Carriers Corp.
Star Bulk Carriers Corp. is an international shipping company. The Company owns and operates a fleet of dry bulk carrier vessels. The Company’s segment is operating dry bulk vessels. The Company will have a fleet of approximately 76 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels, with a carrying capacity between 45,588 dwt and 209,537 deadweight tonnage (dwt).
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