Star Bulk Carriers (NASDAQ:SBLK) Upgraded by Zacks Investment Research to “Buy”

Star Bulk Carriers (NASDAQ:SBLKGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage presently has a $30.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 2.11% from the stock’s previous close.

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. “

SBLK has been the topic of a number of other reports. Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a research report on Wednesday. They set a “buy” rating on the stock. Pareto Securities cut shares of Star Bulk Carriers from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a research report on Wednesday, February 23rd. HC Wainwright increased their price objective on Star Bulk Carriers from $35.00 to $40.00 in a research note on Friday, February 18th. Finally, StockNews.com lowered Star Bulk Carriers from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 20th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $35.20.

Shares of NASDAQ SBLK opened at $29.38 on Thursday. Star Bulk Carriers has a one year low of $16.56 and a one year high of $32.41. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.35 and a quick ratio of 2.09. The firm’s 50 day simple moving average is $29.04 and its two-hundred day simple moving average is $24.24. The stock has a market capitalization of $3.01 billion, a P/E ratio of 4.41 and a beta of 0.89.

Star Bulk Carriers (NASDAQ:SBLKGet Rating) last issued its quarterly earnings results on Wednesday, February 16th. The shipping company reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.44. Star Bulk Carriers had a net margin of 47.67% and a return on equity of 37.79%. The business had revenue of $499.86 million for the quarter, compared to analysts’ expectations of $476.10 million. During the same period last year, the business earned $0.30 earnings per share. As a group, equities analysts expect that Star Bulk Carriers will post 6.08 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in SBLK. IronBridge Private Wealth LLC purchased a new position in Star Bulk Carriers during the fourth quarter valued at $34,000. Spire Wealth Management bought a new position in shares of Star Bulk Carriers during the fourth quarter valued at $45,000. Geneos Wealth Management Inc. bought a new position in shares of Star Bulk Carriers during the fourth quarter valued at $47,000. Marshall Wace North America L.P. bought a new position in shares of Star Bulk Carriers during the first quarter valued at $47,000. Finally, Fifth Third Bancorp bought a new position in shares of Star Bulk Carriers during the first quarter valued at $84,000. 54.32% of the stock is owned by institutional investors.

Star Bulk Carriers Company Profile (Get Rating)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's vessels transport a range of major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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