Star Bulk Carriers (NASDAQ:SBLK) Upgraded to Buy by Pareto Securities

Pareto Securities upgraded shares of Star Bulk Carriers (NASDAQ:SBLKGet Rating) from a hold rating to a buy rating in a report published on Tuesday morning, The Fly reports.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Star Bulk Carriers from a buy rating to a hold rating in a research report on Wednesday, August 3rd. Jefferies Financial Group initiated coverage on Star Bulk Carriers in a research report on Wednesday, July 20th. They set a buy rating and a $30.00 price objective on the stock. Finally, Stifel Nicolaus lowered their price objective on Star Bulk Carriers from $37.00 to $32.00 in a research report on Tuesday, July 19th.

Star Bulk Carriers Trading Up 9.7 %

Shares of Star Bulk Carriers stock opened at $20.64 on Tuesday. The business has a fifty day simple moving average of $23.48 and a two-hundred day simple moving average of $26.73. Star Bulk Carriers has a 1 year low of $17.80 and a 1 year high of $33.99. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 2.37 and a beta of 1.00. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.07 and a quick ratio of 1.75.

Star Bulk Carriers (NASDAQ:SBLKGet Rating) last announced its quarterly earnings results on Thursday, August 4th. 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 return on equity of 43.53% and a net margin of 52.61%. During the same quarter in the prior year, the business posted $1.26 earnings per share. Research analysts forecast that Star Bulk Carriers will post 6.48 EPS for the current year.

Star Bulk Carriers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Thursday, August 25th were given a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 31.98%. The ex-dividend date was Wednesday, August 24th. Star Bulk Carriers’s payout ratio is currently 75.86%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its stake in Star Bulk Carriers by 43.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 13,358 shares of the shipping company’s stock valued at $303,000 after buying an additional 4,032 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Star Bulk Carriers by 4.1% during the fourth quarter. Raymond James & Associates now owns 36,099 shares of the shipping company’s stock valued at $818,000 after purchasing an additional 1,421 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Star Bulk Carriers by 66.8% during the fourth quarter. Qube Research & Technologies Ltd now owns 44,706 shares of the shipping company’s stock valued at $1,013,000 after purchasing an additional 17,900 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Star Bulk Carriers by 334.0% during the fourth quarter. Renaissance Technologies LLC now owns 348,800 shares of the shipping company’s stock valued at $7,907,000 after purchasing an additional 268,434 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. boosted its stake in shares of Star Bulk Carriers by 16.4% during the fourth quarter. Williams Jones Wealth Management LLC. now owns 46,475 shares of the shipping company’s stock valued at $1,054,000 after purchasing an additional 6,560 shares in the last quarter. Institutional investors own 52.67% of the company’s stock.

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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