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

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 to clients and investors on Tuesday, Zacks.com reports. The firm presently has a $36.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.63% from the company’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 several other research reports. Pareto Securities downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating and set a $30.00 target price on the stock. in a research report on Wednesday, February 23rd. Jefferies Financial Group began coverage on Star Bulk Carriers in a report on Wednesday, April 27th. They issued a “buy” rating for the company. StockNews.com downgraded Star Bulk Carriers from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 20th. Finally, HC Wainwright raised their target price on Star Bulk Carriers from $35.00 to $40.00 in a research note on Friday, February 18th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Star Bulk Carriers presently has an average rating of “Buy” and an average price target of $35.50.

Star Bulk Carriers stock opened at $32.54 on Tuesday. The business has a 50 day simple moving average of $29.76 and a 200 day simple moving average of $25.88. Star Bulk Carriers has a one year low of $16.56 and a one year high of $33.88. The company has a market capitalization of $3.33 billion, a PE ratio of 4.08 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.86.

Star Bulk Carriers (NASDAQ:SBLKGet Rating) last announced its quarterly earnings data on Tuesday, May 24th. The shipping company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.25. Star Bulk Carriers had a return on equity of 42.24% and a net margin of 51.34%. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Equities analysts anticipate that Star Bulk Carriers will post 6.29 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its position in shares of Star Bulk Carriers by 638.7% in the 1st quarter. Renaissance Technologies LLC now owns 2,576,600 shares of the shipping company’s stock worth $76,499,000 after buying an additional 2,227,800 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Star Bulk Carriers by 2.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,117,898 shares of the shipping company’s stock worth $62,880,000 after acquiring an additional 47,630 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Star Bulk Carriers by 5,750.9% during the first quarter. Acadian Asset Management LLC now owns 1,568,513 shares of the shipping company’s stock worth $46,552,000 after buying an additional 1,541,705 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Star Bulk Carriers by 175.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,412,760 shares of the shipping company’s stock valued at $41,944,000 after purchasing an additional 899,337 shares during the period. Finally, Morgan Stanley boosted its stake in Star Bulk Carriers by 5.7% during the second quarter. Morgan Stanley now owns 1,348,482 shares of the shipping company’s stock worth $30,947,000 after buying an additional 73,254 shares during the period. 49.81% of the stock is owned by institutional investors and hedge funds.

About Star Bulk Carriers (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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