OceanPal (NASDAQ:OP) Stock Price Up 13.5% - Here's Why

Key Points

• Shares of OceanPal jumped 13.5% intraday to as high as $12.48 and last traded at $12.10 on only ~32,487 shares, roughly 93% below its average daily volume of 454,017.
• Sabby Management LLC bought 668,969 shares (about $823,000) in Q3 and now owns roughly 9.99% of OceanPal, making it one of Sabby's largest positions.
• OceanPal is a Bermuda-based shipping company operating modern crude tankers (including VLCCs and Suezmax) on multi-year time charters; the firm has a market cap of about $81.02M and a negative P/E of -0.18.

OceanPal Inc. (NASDAQ:OP - Get Free Report) shares rose 13.5% during mid-day trading on Tuesday . The stock traded as high as $12.4799 and last traded at $12.10. Approximately 32,487 shares were traded during trading, a decline of 93% from the average daily volume of 454,017 shares. The stock had previously closed at $10.66.

OceanPal Stock Up 13.5%

The firm has a market cap of $81.02 million, a P/E ratio of -0.18 and a beta of 1.16. The firm has a fifty day moving average of $9.40 and a 200-day moving average of $20.79.

Hedge Funds Weigh In On OceanPal

An institutional investor recently bought a new position in OceanPal stock. Sabby Management LLC bought a new stake in OceanPal Inc. (NASDAQ:OP - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 668,969 shares of the company's stock, valued at approximately $823,000. OceanPal comprises 0.9% of Sabby Management LLC's investment portfolio, making the stock its 8th biggest position. Sabby Management LLC owned about 9.99% of OceanPal as of its most recent SEC filing.

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.

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