Share Repurchase Plan Declared by OceanPal (NASDAQ:OP)

OceanPal (NASDAQ:OP) announced that its board has approved a stock repurchase program on Monday, December 1st, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the company to repurchase up to 109% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OP. Wall Street Zen raised shares of OceanPal to a “sell” rating in a research report on Saturday, August 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of OceanPal in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

OceanPal Trading Up 0.7%

Shares of OceanPal stock opened at $1.38 on Wednesday. The firm has a market capitalization of $9.24 million, a P/E ratio of -0.02 and a beta of 1.16. The business has a fifty day simple moving average of $1.49 and a two-hundred day simple moving average of $12.10. OceanPal has a 12 month low of $1.07 and a 12 month high of $79.25.

OceanPal Company Profile

OceanPal Inc provides ocean-going transportation services worldwide. The company owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal, and grains, as well as minor bulks, including bauxite, phosphate, and fertilizers. As of December 31, 2023, its fleet consisted of five dry bulk carriers, which include three Panamaxes and two Capesize vessels with a cargo carrying capacity of approximately 572,599 deadweight tons.