Star Bulk Carriers Corp. (NASDAQ:SBLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $5.75 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 11.87% from the stock’s current price.
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. “
A number of other research firms have also commented on SBLK. Jefferies Group reaffirmed a “buy” rating and set a $6.00 price target (up previously from $5.00) on shares of Star Bulk Carriers Corp. in a research report on Friday, September 16th. Seaport Global Securities reaffirmed a “neutral” rating and set a $4.00 price target on shares of Star Bulk Carriers Corp. in a research report on Tuesday, August 2nd. Morgan Stanley reaffirmed a “sell” rating and set a $3.00 price target on shares of Star Bulk Carriers Corp. in a research report on Friday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Star Bulk Carriers Corp. in a research report on Wednesday, September 28th. Finally, JPMorgan Chase & Co. raised Star Bulk Carriers Corp. from a “neutral” rating to an “overweight” rating and set a $6.50 price target on the stock in a research report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $4.38.
Star Bulk Carriers Corp. (NASDAQ:SBLK) last released its earnings results on Wednesday, September 14th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.66) by $0.03. Star Bulk Carriers Corp. had a negative net margin of 187.42% and a negative return on equity of 10.28%. The company earned $52.65 million during the quarter. Equities analysts predict that Star Bulk Carriers Corp. will post ($2.53) EPS for the current fiscal year.
An institutional investor recently raised its position in Star Bulk Carriers Corp. stock. Geode Capital Management LLC boosted its position in shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) by 64.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136,746 shares of the company’s stock after buying an additional 53,743 shares during the period. Geode Capital Management LLC owned 0.06% of Star Bulk Carriers Corp. worth $102,000 as of its most recent filing with the SEC. 58.89% of the stock is currently owned by institutional investors.
Star Bulk Carriers Corp. Company Profile
Star Bulk Carriers Corp. is an international shipping company. The Company owns and operates a fleet of dry bulk carrier vessels. The Company’s segment is operating dry bulk vessels. The Company will have a fleet of approximately 76 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels, with a carrying capacity between 45,588 dwt and 209,537 deadweight tonnage (dwt).
Get a free copy of the Zacks research report on Star Bulk Carriers Corp. (SBLK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
