OceanPal (NASDAQ:OP) Trading Up 2.9% – Time to Buy?

OceanPal Inc. (NASDAQ:OP)’s share price rose 2.9% during trading on Tuesday . The company traded as high as $1.1899 and last traded at $1.08. Approximately 148,812 shares changed hands during trading, a decline of 67% from the average daily volume of 454,017 shares. The stock had previously closed at $1.05.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OP. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of OceanPal in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of OceanPal to a “sell” rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, OceanPal has a consensus rating of “Sell”.

OceanPal Stock Performance

The firm has a market cap of $7.23 million, a price-to-earnings ratio of -0.02 and a beta of 1.16. The business has a fifty day simple moving average of $1.46 and a 200-day simple moving average of $10.24.

OceanPal declared that its board has initiated a stock buyback plan on Monday, December 1st that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to buy up to 109% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Citadel Advisors LLC purchased a new stake in OceanPal Inc. (NASDAQ:OP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned 0.34% of OceanPal as of its most recent filing with the Securities and Exchange Commission.

OceanPal Company Profile

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.