Star Bulk Carriers (NASDAQ:SBLK) Receives Buy Rating from Jefferies Financial Group

Key Points

• Jefferies Financial Group has reiterated a "buy" rating for Star Bulk Carriers, setting a target price of $22.00, suggesting a potential upside of 14.88% from the current stock price.
• Star Bulk Carriers has been downgraded to a "sell" rating by Wall Street Zen, contrasting with two analysts who maintain a "hold" and two who rate it as a "buy."
• The company recently reported an earnings per share (EPS) of (0.07), which was better than analysts' average estimate of (0.28), alongside a revenue of $159.28 million for the quarter.

Jefferies Financial Group reiterated their buy rating on shares of Star Bulk Carriers (NASDAQ:SBLK - Free Report) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $22.00 target price on the shipping company's stock.

Separately, Wall Street Zen downgraded shares of Star Bulk Carriers from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $22.30.

Star Bulk Carriers Trading Down 2.5%

Shares of NASDAQ:SBLK traded down $0.48 during midday trading on Thursday, hitting $18.37. 630,079 shares of the stock traded hands, compared to its average volume of 1,746,101. The stock has a market capitalization of $2.16 billion, a PE ratio of 17.51 and a beta of 0.94. The business's 50 day moving average is $17.74 and its two-hundred day moving average is $16.19. The company has a quick ratio of 1.42, a current ratio of 1.61 and a debt-to-equity ratio of 0.40. Star Bulk Carriers has a one year low of $12.06 and a one year high of $23.82.

Star Bulk Carriers (NASDAQ:SBLK - Get Free Report) last announced its earnings results on Wednesday, May 14th. The shipping company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.28) by $0.21. The business had revenue of $159.28 million during the quarter, compared to the consensus estimate of $162.57 million. Star Bulk Carriers had a net margin of 10.98% and a return on equity of 4.97%. During the same quarter last year, the firm earned $0.87 earnings per share. As a group, research analysts forecast that Star Bulk Carriers will post 1.74 earnings per share for the current year.

Star Bulk Carriers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.1%. Star Bulk Carriers's dividend payout ratio (DPR) is 19.05%.

Hedge Funds Weigh In On Star Bulk Carriers

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Raiffeisen Bank International AG boosted its stake in shares of Star Bulk Carriers by 14.1% during the second quarter. Raiffeisen Bank International AG now owns 64,119 shares of the shipping company's stock valued at $1,096,000 after purchasing an additional 7,918 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in Star Bulk Carriers in the second quarter valued at approximately $139,000. Geode Capital Management LLC boosted its stake in Star Bulk Carriers by 2.3% in the second quarter. Geode Capital Management LLC now owns 122,115 shares of the shipping company's stock valued at $2,106,000 after acquiring an additional 2,748 shares in the last quarter. Rossby Financial LCC boosted its stake in Star Bulk Carriers by 20.0% in the second quarter. Rossby Financial LCC now owns 15,000 shares of the shipping company's stock valued at $259,000 after acquiring an additional 2,500 shares in the last quarter. Finally, MQS Management LLC acquired a new stake in Star Bulk Carriers in the second quarter valued at approximately $535,000. 33.91% of the stock is currently owned by institutional investors.

About Star Bulk Carriers

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its vessels transport a range of bulk commodities, including iron ores, minerals and grains, bauxite, fertilizers, and steel products. As of December 31, 2023, the company owned a fleet of 116 dry bulk vessels with combined carrying capacity of 13.1 million deadweight tonnage (dwt) consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.