Morgan Stanley Reiterates “Sell” Rating for Star Bulk Carriers Corp. (SBLK)
“We estimate these changes to have reduced the company’s cash breakeven from ~$11.5kpd to ~$9.0kpd, one of the lowest amongst its peers, yet still below quarterly average spot rate levels.”,” the firm’s analyst wrote.
SBLK has been the subject of a number of other reports. JPMorgan Chase & Co. raised Star Bulk Carriers Corp. from a neutral rating to an overweight rating and set a $6.50 price objective for the company in a research report on Tuesday, July 19th. Zacks Investment Research cut Star Bulk Carriers Corp. from a buy rating to a hold rating in a research report on Saturday, June 4th. Seaport Global Securities reaffirmed a neutral rating and set a $4.00 price objective on shares of Star Bulk Carriers Corp. in a research report on Tuesday, August 2nd. Finally, Jefferies Group reissued a buy rating and set a $6.00 target price (up from $5.00) on shares of Star Bulk Carriers Corp. in a research note on Friday, September 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Star Bulk Carriers Corp. has a consensus rating of Hold and an average target price of $4.00.
Star Bulk Carriers Corp. (NASDAQ:SBLK) opened at 4.98 on Friday. The firm’s 50-day moving average price is $4.38 and its 200-day moving average price is $4.04. Star Bulk Carriers Corp. has a 1-year low of $1.55 and a 1-year high of $12.40. The firm’s market cap is $218.90 million.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last posted its quarterly earnings data on Wednesday, September 14th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by $0.03. Star Bulk Carriers Corp. had a negative return on equity of 10.28% and a negative net margin of 187.42%. The company had revenue of $52.65 million for the quarter. On average, equities research analysts anticipate that Star Bulk Carriers Corp. will post ($2.61) earnings per share for the current year.
An institutional investor recently raised its position in Star Bulk Carriers Corp. stock. Geode Capital Management LLC boosted its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 64.7% during the first quarter, according to its most recent disclosure 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. 75.77% of the stock is owned by institutional investors and hedge funds.
Star Bulk Carriers Corp. Company Profile
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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