Star Bulk Carriers (NASDAQ:SBLK) Trading 6.9% Higher After Strong Earnings

Shares of Star Bulk Carriers Corp. (NASDAQ:SBLK) traded up 6.9% on Thursday following a stronger than expected earnings report. The stock traded as high as $9.47 and last traded at $9.32, 807,019 shares changed hands during mid-day trading. An increase of 43% from the average session volume of 564,092 shares. The stock had previously closed at $8.72.

The shipping company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.09. Star Bulk Carriers had a net margin of 6.28% and a return on equity of 4.91%. The firm had revenue of $157.79 million during the quarter, compared to the consensus estimate of $137.11 million.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Wednesday, July 24th. ValuEngine raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. BidaskClub downgraded shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Deutsche Bank set a $15.00 price objective on shares of Star Bulk Carriers and gave the company a “buy” rating in a research report on Friday, May 24th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Star Bulk Carriers has a consensus rating of “Buy” and an average target price of $16.80.

A number of institutional investors have recently modified their holdings of the stock. WealthTrust Axiom LLC acquired a new position in shares of Star Bulk Carriers in the second quarter valued at approximately $144,000. Wells Fargo & Company MN acquired a new position in shares of Star Bulk Carriers in the second quarter valued at approximately $102,000. Advisor Group Inc. grew its holdings in shares of Star Bulk Carriers by 839.5% in the second quarter. Advisor Group Inc. now owns 3,570 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 3,190 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Star Bulk Carriers in the second quarter valued at approximately $855,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in shares of Star Bulk Carriers in the second quarter valued at approximately $109,000. 56.72% of the stock is owned by institutional investors.

The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 0.84. The firm has a market cap of $804.72 million, a PE ratio of 8.37 and a beta of 1.83. The company’s fifty day moving average is $9.87.

About Star Bulk Carriers (NASDAQ:SBLK)

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 April 10, 2019, the company had a fleet of 109 vessels with an aggregate capacity of approximately 12.45 million deadweight ton, including 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax, and 10 Supramax vessels.

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