Star Bulk Carriers Sees Unusually Large Options Volume (SBLK)

Star Bulk Carriers Corp. (NASDAQ:SBLK) saw unusually large options trading on Thursday. Stock traders acquired 2,282 call options on the company. This represents an increase of approximately 1,127% compared to the average daily volume of 186 call options.

Shares of SBLK stock opened at $10.58 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.59 and a debt-to-equity ratio of 0.79. Star Bulk Carriers has a fifty-two week low of $8.62 and a fifty-two week high of $15.38. The company has a market capitalization of $775.16 million, a price-to-earnings ratio of -48.09 and a beta of 2.59.

Star Bulk Carriers (NASDAQ:SBLK) last announced its quarterly earnings data on Tuesday, August 7th. The shipping company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.03. Star Bulk Carriers had a return on equity of 3.73% and a net margin of 8.39%. The firm had revenue of $132.60 million during the quarter, compared to the consensus estimate of $122.37 million. On average, equities analysts predict that Star Bulk Carriers will post 1.22 EPS for the current year.

A number of analysts recently weighed in on SBLK shares. Stifel Nicolaus boosted their target price on Star Bulk Carriers from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. BidaskClub upgraded Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Thursday, September 27th. Zacks Investment Research downgraded Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. ValuEngine downgraded Star Bulk Carriers from a “hold” rating to a “sell” rating in a research report on Monday, August 13th. Finally, Seaport Global Securities reiterated a “buy” rating and issued a $20.00 price objective on shares of Star Bulk Carriers in a research report on Sunday, August 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $16.71.

A number of hedge funds have recently made changes to their positions in SBLK. Northern Trust Corp lifted its position in Star Bulk Carriers by 54.9% in the first quarter. Northern Trust Corp now owns 61,644 shares of the shipping company’s stock valued at $717,000 after purchasing an additional 21,851 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Star Bulk Carriers by 24.3% in the first quarter. JPMorgan Chase & Co. now owns 188,287 shares of the shipping company’s stock valued at $2,190,000 after purchasing an additional 36,811 shares during the last quarter. UBS Group AG increased its stake in shares of Star Bulk Carriers by 210.0% during the first quarter. UBS Group AG now owns 104,109 shares of the shipping company’s stock valued at $1,211,000 after buying an additional 70,524 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Star Bulk Carriers during the first quarter valued at approximately $180,000. Finally, Millennium Management LLC increased its stake in shares of Star Bulk Carriers by 262.1% during the first quarter. Millennium Management LLC now owns 666,607 shares of the shipping company’s stock valued at $7,753,000 after buying an additional 482,501 shares during the period. Hedge funds and other institutional investors own 68.09% of the company’s stock.

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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 major bulks, including iron ores, coal, and grains, as well as minor bulks, such as bauxite, fertilizers, and steel products. As of August 29, 2018, the company had a fleet of 111 vessels with an aggregate capacity of approximately 12.67 million deadweight ton (dwt), including 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax, and 12 Supramax vessels.

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