Star Bulk Carriers Corp. (SBLK) Lifted to Buy at Zacks Investment Research
Star Bulk Carriers Corp. (NASDAQ:SBLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $5.75 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.22% from the company’s current price.
According to Zacks, “STAR BULK is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols SBLK and SBLKW respectively. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus definitive agreement to acquire two further dry bulk carriers. “
Several other research analysts have also recently issued reports on the stock. Pareto Securities raised shares of Star Bulk Carriers Corp. from a “hold” rating to a “buy” rating in a report on Monday, October 10th. Deutsche Bank AG restated a “hold” rating on shares of Star Bulk Carriers Corp. in a research report on Wednesday, September 28th. Morgan Stanley restated a “sell” rating and set a $3.00 target price on shares of Star Bulk Carriers Corp. in a research report on Friday, September 16th. Finally, Jefferies Group restated a “buy” rating and set a $6.00 target price (up from $5.00) on shares of Star Bulk Carriers Corp. in a research report on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.05.
Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) opened at 5.17 on Thursday. The stock’s 50 day moving average is $4.79 and its 200 day moving average is $4.23. Star Bulk Carriers Corp. has a 52-week low of $1.57 and a 52-week high of $6.10. The stock’s market cap is $236.44 million.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, September 14th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by $0.03. The firm had revenue of $52.65 million for the quarter. Star Bulk Carriers Corp. had a negative return on equity of 10.76% and a negative net margin of 193.75%. On average, equities analysts expect that Star Bulk Carriers Corp. will post ($2.53) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Star Bulk Carriers Corp. stock. Oaktree Capital Management LP raised its stake in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 27.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,078,777 shares of the company’s stock after buying an additional 6,217,979 shares during the period. Star Bulk Carriers Corp. makes up approximately 1.7% of Oaktree Capital Management LP’s investment portfolio, making the stock its 7th largest position. Oaktree Capital Management LP owned 66.16% of Star Bulk Carriers Corp. worth $132,019,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 68.50% 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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Star Bulk Carriers Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Star Bulk Carriers Corp. and related companies with MarketBeat.com's FREE daily email newsletter.