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

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

OceanPal Price Performance

The stock’s fifty day simple moving average is $0.72 and its 200-day simple moving average is $1.14. The firm has a market cap 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 share repurchase plan on Monday, December 1st that authorizes the company to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 109% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Citadel Advisors LLC purchased a new position in shares of OceanPal Inc. (NASDAQ:OP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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.