OceanPal (NASDAQ:OP) Trading Up 23.1% – Here’s What Happened

OceanPal Inc. (NASDAQ:OP)’s share price shot up 23.1% on Friday . The company traded as high as $0.2982 and last traded at $0.2721. 80,870,656 shares were traded during mid-day trading, an increase of 17,712% from the average session volume of 454,017 shares. The stock had previously closed at $0.2211.

OceanPal Stock Performance

The company has a 50 day moving average of $0.72 and a two-hundred day moving average of $1.14. The stock has a market capitalization of $1.82 million, a PE ratio of 0.00 and a beta of 1.16.

OceanPal announced that its Board of Directors has authorized a stock repurchase program on Monday, December 1st that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to reacquire up to 109% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Sabby Management LLC acquired a new stake in OceanPal Inc. (NASDAQ:OP) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 668,969 shares of the company’s stock, valued at approximately $823,000. OceanPal comprises about 0.9% of Sabby Management LLC’s investment portfolio, making the stock its 8th biggest position. Sabby Management LLC owned about 9.99% of OceanPal as of its most recent SEC filing.

About OceanPal

OceanPal Inc (NASDAQ: OP) is a Bermuda‐incorporated shipping company focused on the ownership and operation of modern crude oil tankers on a long‐term time charter basis. The company’s fleet includes both very large crude carriers (VLCCs) and Suezmax vessels, constructed at leading shipyards and maintained to high technical and safety standards. By securing multi‐year charter agreements with major oil producers and trading houses, OceanPal aims to generate stable revenue streams and enhance predictability of cash flows.

The origins of OceanPal trace back to General Maritime Corp., which was established in 2005 and listed on the NASDAQ.