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.”,” Morgan Stanley’s analyst commented.
Several other equities research analysts also recently weighed in on the company. Jefferies Group reissued a buy rating and issued a $6.00 price target (up previously from $5.00) on shares of Star Bulk Carriers Corp. in a report on Friday, September 16th. Zacks Investment Research cut Star Bulk Carriers Corp. from a buy rating to a hold rating in a research note on Wednesday, September 7th. Seaport Global Securities restated a neutral rating and issued a $4.00 price objective on shares of Star Bulk Carriers Corp. in a research note on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. upgraded 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 note on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $4.00.
Star Bulk Carriers Corp. (NASDAQ:SBLK) opened at 4.98 on Friday. The company’s market capitalization is $218.90 million. The firm has a 50-day moving average price of $4.38 and a 200 day moving average price of $4.04. Star Bulk Carriers Corp. has a 1-year low of $1.55 and a 1-year high of $12.40.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last issued its quarterly earnings results on Wednesday, September 14th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.66) by $0.03. The business earned $52.65 million during the quarter. Star Bulk Carriers Corp. had a negative return on equity of 10.28% and a negative net margin of 187.42%. On average, equities analysts predict that Star Bulk Carriers Corp. will post ($2.61) EPS for the current year.
A hedge fund recently raised its stake in Star Bulk Carriers Corp. stock. Geode Capital Management LLC boosted its position in Star Bulk Carriers Corp. (NASDAQ:SBLK) by 64.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,746 shares of the company’s stock after buying an additional 53,743 shares during the period. Geode Capital Management LLC owned about 0.06% of Star Bulk Carriers Corp. worth $102,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 75.77% of the company’s stock.
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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