Star Bulk Carriers (NASDAQ:SBLK) Issues Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Star Bulk Carriers (NASDAQ:SBLKGet Rating) issued its quarterly earnings results on Thursday. The shipping company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.75 by $0.25, Fidelity Earnings reports. Star Bulk Carriers had a net margin of 51.34% and a return on equity of 42.24%. During the same period last year, the firm posted $1.26 earnings per share.

Star Bulk Carriers Stock Up 3.3 %

Star Bulk Carriers stock traded up $0.82 during mid-day trading on Friday, hitting $25.58. The company had a trading volume of 3,236,969 shares, compared to its average volume of 2,678,491. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 3.21 and a beta of 0.94. Star Bulk Carriers has a 1 year low of $17.80 and a 1 year high of $33.99. The company has a quick ratio of 1.86, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The business has a fifty day moving average of $26.06 and a 200 day moving average of $27.45.

Star Bulk Carriers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Shareholders of record on Friday, June 3rd were paid a $1.65 dividend. The ex-dividend date was Thursday, June 2nd. This represents a $6.60 annualized dividend and a yield of 25.80%. Star Bulk Carriers’s dividend payout ratio is currently 82.81%.

Institutional Investors Weigh In On Star Bulk Carriers

Several large investors have recently modified their holdings of SBLK. Captrust Financial Advisors lifted its holdings in Star Bulk Carriers by 29.2% in the first quarter. Captrust Financial Advisors now owns 2,656 shares of the shipping company’s stock valued at $79,000 after acquiring an additional 600 shares during the period. Advisory Services Network LLC increased its position in Star Bulk Carriers by 3.2% during the 1st quarter. Advisory Services Network LLC now owns 25,305 shares of the shipping company’s stock worth $751,000 after purchasing an additional 786 shares in the last quarter. Worth Asset Management LLC purchased a new stake in Star Bulk Carriers during the 1st quarter worth about $73,000. BNP Paribas Arbitrage SA boosted its stake in Star Bulk Carriers by 179,150.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,585 shares of the shipping company’s stock worth $106,000 after buying an additional 3,583 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Star Bulk Carriers by 18.7% in the 1st quarter. Royal Bank of Canada now owns 31,072 shares of the shipping company’s stock worth $923,000 after buying an additional 4,895 shares during the last quarter. 49.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Jefferies Financial Group began coverage on shares of Star Bulk Carriers in a report on Wednesday, July 20th. They issued a “buy” rating and a $30.00 price target for the company. Stifel Nicolaus dropped their target price on shares of Star Bulk Carriers from $37.00 to $32.00 in a report on Tuesday, July 19th. Finally, lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Wednesday.

Star Bulk Carriers Company Profile

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Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. The company's 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 December 31, 2021, it had a fleet of 128 vessels with an aggregate capacity of approximately 14.1 million deadweight tons, including 17 Newcastlemax, 24 Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax, and 17 Supramax vessels.

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Earnings History for Star Bulk Carriers (NASDAQ:SBLK)

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