Star Bulk Carriers (NASDAQ:SBLK) Shares Gap Up – Here’s What Happened

Star Bulk Carriers Corp. (NASDAQ:SBLK) gapped up before the market opened on Wednesday . The stock had previously closed at $16.68, but opened at $17.23. Star Bulk Carriers shares last traded at $17.03, with a volume of 397,360 shares trading hands.

Wall Street Analyst Weigh In

SBLK has been the subject of several analyst reports. DNB Markets raised Star Bulk Carriers from a “sell” rating to a “hold” rating and upped their target price for the company from $19.30 to $20.20 in a report on Thursday, November 21st. Jefferies Financial Group reduced their target price on Star Bulk Carriers from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, StockNews.com downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Star Bulk Carriers currently has an average rating of “Hold” and a consensus target price of $22.05.

Star Bulk Carriers Stock Performance

The firm has a 50 day moving average of $15.49 and a 200-day moving average of $17.76. The stock has a market capitalization of $1.45 billion, a PE ratio of 6.01 and a beta of 1.03. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.50 and a current ratio of 1.65.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings data on Tuesday, February 18th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.08). The business had revenue of $308.92 million during the quarter, compared to analysts’ expectations of $230.91 million. Star Bulk Carriers had a return on equity of 12.48% and a net margin of 24.08%. Research analysts forecast that Star Bulk Carriers Corp. will post 1.74 earnings per share for the current year.

Star Bulk Carriers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Tuesday, March 4th. Star Bulk Carriers’s dividend payout ratio is currently 12.54%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FMR LLC increased its position in Star Bulk Carriers by 229.6% in the 3rd quarter. FMR LLC now owns 404,196 shares of the shipping company’s stock worth $9,575,000 after purchasing an additional 281,552 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Star Bulk Carriers in the 4th quarter worth about $904,000. Geode Capital Management LLC increased its position in Star Bulk Carriers by 359.3% in the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock worth $10,833,000 after purchasing an additional 357,720 shares during the last quarter. Barclays PLC increased its position in Star Bulk Carriers by 7,313.4% in the 3rd quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock worth $10,784,000 after purchasing an additional 449,113 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Star Bulk Carriers by 1,458.8% in the 4th quarter. Blue Trust Inc. now owns 31,565 shares of the shipping company’s stock worth $472,000 after purchasing an additional 29,540 shares during the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.

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.