Star Bulk Carriers (NASDAQ:SBLK) Upgraded at StockNews.com

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

SBLK has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They set a “buy” rating and a $26.00 price objective on the stock. DNB Markets upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and increased their price target for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Stifel Nicolaus downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $30.00 to $21.00 in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of Star Bulk Carriers in a report on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Star Bulk Carriers has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Star Bulk Carriers Price Performance

Shares of SBLK opened at $14.80 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $18.32 and its two-hundred day moving average is $21.13. Star Bulk Carriers has a twelve month low of $14.59 and a twelve month high of $27.47. The firm has a market capitalization of $1.24 billion, a PE ratio of 5.00, a P/E/G ratio of 3.95 and a beta of 0.96.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Thursday, December 5th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $2.40 dividend on an annualized basis and a yield of 16.22%. Star Bulk Carriers’s payout ratio is 81.08%.

Institutional Trading of Star Bulk Carriers

Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC purchased a new stake in Star Bulk Carriers in the 2nd quarter valued at approximately $32,000. Blue Trust Inc. lifted its position in shares of Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 1,328 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Star Bulk Carriers during the second quarter valued at $54,000. Quarry LP increased its position in Star Bulk Carriers by 39.8% during the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after purchasing an additional 673 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers in the 3rd quarter valued at about $57,000. 33.91% of the stock is currently owned by institutional investors and hedge funds.

About Star Bulk Carriers

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.