Star Bulk Carriers (NASDAQ:SBLK) Rating Increased to Buy at StockNews.com

Star Bulk Carriers (NASDAQ:SBLK) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other research firms also recently weighed in on SBLK. DNB Markets raised shares of Star Bulk Carriers from a “sell” rating to a “hold” rating and boosted their price target for the stock from $19.30 to $20.20 in a research note on Thursday, November 21st. Jefferies Financial Group reissued a “buy” rating and issued a $28.00 price target on shares of Star Bulk Carriers in a research note on Wednesday, November 20th. Stifel Nicolaus lowered Star Bulk Carriers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $30.00 to $21.00 in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Star Bulk Carriers in a report on Wednesday, September 4th. They issued a “buy” rating and a $26.00 price objective for the company. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Star Bulk Carriers has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Star Bulk Carriers Price Performance

Shares of SBLK stock opened at $14.80 on Friday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 5.00, a PEG ratio of 3.95 and a beta of 0.96. Star Bulk Carriers has a 12 month low of $14.59 and a 12 month high of $27.47. The company has a quick ratio of 1.50, a current ratio of 1.69 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average price of $18.32 and a 200 day moving average price of $21.17.

Institutional Trading of Star Bulk Carriers

Several hedge funds have recently added to or reduced their stakes in SBLK. Sunbelt Securities Inc. acquired a new position in Star Bulk Carriers in the third quarter valued at about $57,000. Geode Capital Management LLC lifted its holdings in shares of Star Bulk Carriers by 359.3% during the 3rd quarter. Geode Capital Management LLC now owns 457,274 shares of the shipping company’s stock valued at $10,833,000 after purchasing an additional 357,720 shares in the last quarter. Barclays PLC grew its position in shares of Star Bulk Carriers by 7,313.4% in the 3rd quarter. Barclays PLC now owns 455,254 shares of the shipping company’s stock valued at $10,784,000 after purchasing an additional 449,113 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Star Bulk Carriers during the 3rd quarter worth approximately $1,731,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Star Bulk Carriers during the 3rd quarter worth approximately $648,000. Institutional investors and hedge funds own 33.91% of the company’s stock.

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.