Star Bulk Carriers (NASDAQ:SBLK) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Star Bulk Carriers (NASDAQ:SBLK) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

Other analysts also recently issued research reports about the company. Jefferies Financial Group reaffirmed a buy rating and issued a $30.00 target price on shares of Star Bulk Carriers in a research report on Thursday. Stifel Nicolaus boosted their price objective on shares of Star Bulk Carriers from $28.00 to $32.00 and gave the stock a buy rating in a research note on Friday.

Star Bulk Carriers Stock Up 3.4 %

SBLK traded up $0.90 during trading on Friday, reaching $26.99. 2,167,870 shares of the stock traded hands, compared to its average volume of 1,526,965. Star Bulk Carriers has a fifty-two week low of $16.57 and a fifty-two week high of $27.40. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.26 and a quick ratio of 1.09. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of 12.16 and a beta of 1.07. The stock’s 50-day simple moving average is $24.52 and its two-hundred day simple moving average is $22.49.

Star Bulk Carriers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, June 6th. This represents a $3.00 annualized dividend and a dividend yield of 11.12%. This is a boost from Star Bulk Carriers’s previous quarterly dividend of $0.45. Star Bulk Carriers’s dividend payout ratio (DPR) is 81.08%.

Institutional Investors Weigh In On Star Bulk Carriers

Large investors have recently modified their holdings of the stock. VisionPoint Advisory Group LLC purchased a new stake in Star Bulk Carriers during the fourth quarter valued at approximately $36,000. Atlas Capital Advisors LLC bought a new stake in shares of Star Bulk Carriers in the 1st quarter valued at about $36,000. Principal Securities Inc. bought a new stake in shares of Star Bulk Carriers in the 4th quarter valued at about $40,000. FinTrust Capital Advisors LLC boosted its stake in Star Bulk Carriers by 100.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 2,000 shares of the shipping company’s stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Creekmur Asset Management LLC purchased a new position in Star Bulk Carriers during the 4th quarter worth approximately $50,000. Institutional investors own 33.91% of the company’s stock.

Star Bulk Carriers Company Profile

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.