Star Bulk Carriers (NASDAQ:SBLK) Raised 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 report issued on Wednesday.

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

Star Bulk Carriers Price Performance

Shares of NASDAQ:SBLK opened at $16.48 on Wednesday. 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 firm has a market capitalization of $1.38 billion, a PE ratio of 5.57, a P/E/G ratio of 4.49 and a beta of 0.96. Star Bulk Carriers has a twelve month low of $16.21 and a twelve month high of $27.47. The company has a 50-day moving average price of $19.90 and a two-hundred day moving average price of $22.07.

Institutional Investors Weigh In On Star Bulk Carriers

A number of institutional investors and hedge funds have recently bought and sold shares of SBLK. Nisa Investment Advisors LLC purchased a new stake in Star Bulk Carriers in the second quarter valued at approximately $32,000. Blue Trust Inc. lifted its holdings in shares of Star Bulk Carriers by 190.5% in the 3rd quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company’s stock worth $49,000 after acquiring an additional 1,328 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Star Bulk Carriers in the 2nd quarter worth approximately $54,000. Quarry LP lifted its holdings in shares of Star Bulk Carriers by 39.8% in the 3rd quarter. Quarry LP now owns 2,365 shares of the shipping company’s stock worth $56,000 after acquiring an additional 673 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Star Bulk Carriers in the 3rd quarter worth approximately $57,000. 33.91% of the stock is owned by hedge funds and other institutional investors.

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.