Safe Bulkers (SB) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS
Safe Bulkers (NYSE:SB) issued its quarterly earnings data on Tuesday. The company reported $0.02 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.09 by $0.07, Stock Ratings Network reports. The company had revenue of $37.20 million for the quarter, compared to the consensus estimate of $38.31 million. During the same quarter last year, the company posted $0.19 earnings per share. Safe Bulkers’s revenue was down 10.1% compared to the same quarter last year.
Shares of Safe Bulkers (NYSE:SB) traded up 2.43% on Tuesday, hitting $8.02. The stock had a trading volume of 913,656 shares. Safe Bulkers has a 1-year low of $4.78 and a 1-year high of $11.48. The stock’s 50-day moving average is $9.02 and its 200-day moving average is $9.16. The company has a market cap of $669.2 million and a P/E ratio of 8.17. Safe Bulkers also saw a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 2,033,354 shares, a growth of 105.3% from the June 30th total of 990,395 shares. Approximately 5.9% of the company’s stock are short sold. Based on an average daily volume of 336,983 shares, the short-interest ratio is currently 6.0 days.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 29th. Investors of record on Tuesday, August 19th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.99%.
Several analysts have recently commented on the stock. Analysts at Evercore Partners cut their price target on shares of Safe Bulkers from $11.00 to $10.00 in a research note on Wednesday, July 23rd. On a related note, analysts at Canaccord Genuity initiated coverage on shares of Safe Bulkers in a research note on Tuesday, June 10th. They set a “buy” rating and a $14.00 price target on the stock. Finally, analysts at TheStreet downgraded shares of Safe Bulkers from a “buy” rating to a “hold” rating in a research note on Monday, June 2nd. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $10.26.
Safe Bulkers, Inc (NYSE:SB) is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes.
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