Star Bulk Carriers (NASDAQ:SBLK) Announces Earnings Results, Misses Estimates By $0.13 EPS

Star Bulk Carriers (NASDAQ:SBLK) released its earnings results on Tuesday. The shipping company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.13), Zacks reports. Star Bulk Carriers had a return on equity of 4.97% and a net margin of 10.98%.

Star Bulk Carriers Stock Up 0.8%

Shares of SBLK stock traded up $0.15 on Tuesday, hitting $19.30. The company’s stock had a trading volume of 1,399,024 shares, compared to its average volume of 1,500,306. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 18.38 and a beta of 0.92. Star Bulk Carriers has a fifty-two week low of $12.06 and a fifty-two week high of $20.20. The firm’s fifty day moving average price is $18.54 and its 200-day moving average price is $17.93. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.61 and a quick ratio of 1.42.

Hedge Funds Weigh In On Star Bulk Carriers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Triumph Capital Management acquired a new position in shares of Star Bulk Carriers during the third quarter worth approximately $26,000. Wexford Capital LP bought a new position in Star Bulk Carriers during the third quarter worth $994,000. Verition Fund Management LLC raised its stake in Star Bulk Carriers by 138.2% during the 3rd quarter. Verition Fund Management LLC now owns 82,930 shares of the shipping company’s stock valued at $1,542,000 after purchasing an additional 48,108 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Star Bulk Carriers by 20.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,114 shares of the shipping company’s stock valued at $76,000 after purchasing an additional 712 shares during the period. Finally, Morse Asset Management Inc acquired a new stake in Star Bulk Carriers in the 3rd quarter worth $37,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

Analysts Set New Price Targets

SBLK has been the topic of a number of recent analyst reports. Zacks Research raised Star Bulk Carriers from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. Jefferies Financial Group restated a “buy” rating and set a $22.00 price objective on shares of Star Bulk Carriers in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Star Bulk Carriers in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Star Bulk Carriers has an average rating of “Hold” and an average target price of $21.10.

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.