Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Up After Strong Earnings

Star Bulk Carriers Corp. (NASDAQ:SBLKGet Rating)’s stock price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $24.76, but opened at $26.01. Star Bulk Carriers shares last traded at $25.79, with a volume of 26,255 shares changing hands.

The shipping company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.25. Star Bulk Carriers had a net margin of 51.34% and a return on equity of 42.24%. During the same quarter last year, the business earned $1.26 earnings per share.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 16th. Investors of record on Friday, June 3rd were issued a $1.65 dividend. The ex-dividend date was Thursday, June 2nd. This represents a $6.60 dividend on an annualized basis and a yield of 25.80%. Star Bulk Carriers’s payout ratio is currently 82.81%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SBLK shares. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Wednesday. Stifel Nicolaus decreased their target price on shares of Star Bulk Carriers from $37.00 to $32.00 in a research note on Tuesday, July 19th. Finally, Jefferies Financial Group assumed coverage on shares of Star Bulk Carriers in a research note on Wednesday, July 20th. They set a “buy” rating and a $30.00 target price for the company.

Institutional Investors Weigh In On Star Bulk Carriers

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in shares of Star Bulk Carriers by 638.7% during the 1st quarter. Renaissance Technologies LLC now owns 2,576,600 shares of the shipping company’s stock valued at $76,499,000 after acquiring an additional 2,227,800 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Star Bulk Carriers by 2.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,117,898 shares of the shipping company’s stock valued at $62,880,000 after acquiring an additional 47,630 shares during the period. Acadian Asset Management LLC grew its position in shares of Star Bulk Carriers by 5,750.9% during the 1st quarter. Acadian Asset Management LLC now owns 1,568,513 shares of the shipping company’s stock valued at $46,552,000 after acquiring an additional 1,541,705 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Star Bulk Carriers by 175.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,412,760 shares of the shipping company’s stock valued at $41,944,000 after acquiring an additional 899,337 shares during the period. Finally, BlackRock Inc. grew its position in shares of Star Bulk Carriers by 46.1% during the 1st quarter. BlackRock Inc. now owns 791,111 shares of the shipping company’s stock valued at $23,488,000 after acquiring an additional 249,770 shares during the period. 49.81% of the stock is currently owned by hedge funds and other institutional investors.

Star Bulk Carriers Stock Performance

The business’s 50-day moving average price is $26.06 and its 200-day moving average price is $27.45. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.86 and a current ratio of 2.13. The stock has a market cap of $2.62 billion, a P/E ratio of 3.21 and a beta of 0.94.

About Star Bulk Carriers

(Get Rating)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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