OceanPal (NASDAQ:OP) Shares Up 23.1% – Time to Buy?

Shares of OceanPal Inc. (NASDAQ:OP) traded up 23.1% on Friday . The stock traded as high as $0.2982 and last traded at $0.2721. 80,870,656 shares were traded during mid-day trading, an increase of 17,712% from the average session volume of 454,017 shares. The stock had previously closed at $0.2211.

OceanPal Trading Down 9.3%

The firm has a market capitalization of $1.65 million, a price-to-earnings ratio of 0.00 and a beta of 1.16. The stock has a fifty day moving average price of $0.72 and a 200-day moving average price of $1.14.

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

Hedge Funds Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Citadel Advisors LLC acquired a new position in shares of OceanPal Inc. (NASDAQ:OP) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned about 0.34% of OceanPal at the end of the most recent quarter.

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.