Star Bulk Carriers (NASDAQ:SBLK) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Star Bulk Carriers (NASDAQ:SBLK) from a buy rating to a hold rating in a report released on Saturday, Zacks.com reports.

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. “

Several other equities analysts have also recently commented on the stock. ValuEngine upgraded shares of Star Bulk Carriers from a sell rating to a hold rating in a research note on Saturday, January 4th. Pareto Securities cut shares of Star Bulk Carriers from a buy rating to a hold rating in a research note on Wednesday, November 13th. Finally, BidaskClub cut shares of Star Bulk Carriers from a sell rating to a strong sell rating in a research note on Saturday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $13.50.

Shares of Star Bulk Carriers stock traded down $0.20 on Friday, reaching $9.23. The stock had a trading volume of 507,277 shares, compared to its average volume of 617,750. The business’s 50-day moving average price is $11.03 and its two-hundred day moving average price is $10.56. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.64 and a current ratio of 0.82. Star Bulk Carriers has a fifty-two week low of $6.16 and a fifty-two week high of $12.09. The stock has a market cap of $865.14 million, a P/E ratio of -29.77 and a beta of 1.67.

Star Bulk Carriers (NASDAQ:SBLK) last issued its quarterly earnings data on Wednesday, November 20th. The shipping company reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.01. The business had revenue of $248.44 million during the quarter, compared to analysts’ expectations of $215.35 million. Star Bulk Carriers had a negative net margin of 3.50% and a positive return on equity of 1.24%. As a group, equities analysts forecast that Star Bulk Carriers will post 0.09 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in SBLK. Oaktree Capital Management LP raised its stake in shares of Star Bulk Carriers by 5.7% in the 2nd quarter. Oaktree Capital Management LP now owns 37,413,697 shares of the shipping company’s stock valued at $361,043,000 after buying an additional 2,029,500 shares in the last quarter. Phoenix Holdings Ltd. acquired a new position in shares of Star Bulk Carriers in the 3rd quarter valued at $3,417,000. Marshall Wace North America L.P. raised its stake in shares of Star Bulk Carriers by 685.1% in the 2nd quarter. Marshall Wace North America L.P. now owns 55,807 shares of the shipping company’s stock valued at $538,000 after buying an additional 48,699 shares in the last quarter. Virginia National Bank acquired a new position in shares of Star Bulk Carriers in the 4th quarter valued at $504,000. Finally, Paloma Partners Management Co bought a new stake in shares of Star Bulk Carriers in the 2nd quarter worth about $228,000. Institutional investors own 54.75% of the company’s stock.

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 major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of April 10, 2019, the company had a fleet of 109 vessels with an aggregate capacity of approximately 12.45 million deadweight ton, including 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax, and 10 Supramax vessels.

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