Brokerages Expect Safe Bulkers, Inc. (NYSE:SB) Will Announce Quarterly Sales of $55.88 Million


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Wall Street brokerages predict that Safe Bulkers, Inc. (NYSE:SB) will post $55.88 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Safe Bulkers’ earnings. The lowest sales estimate is $54.02 million and the highest is $57.75 million. Safe Bulkers posted sales of $32.51 million in the same quarter last year, which would indicate a positive year over year growth rate of 71.9%. The company is scheduled to issue its next quarterly earnings report on Monday, June 14th.

According to Zacks, analysts expect that Safe Bulkers will report full-year sales of $224.98 million for the current financial year, with estimates ranging from $222.37 million to $227.59 million. For the next fiscal year, analysts anticipate that the firm will post sales of $230.86 million, with estimates ranging from $230.32 million to $231.40 million. Zacks’ sales averages are an average based on a survey of analysts that follow Safe Bulkers.

Safe Bulkers (NYSE:SB) last announced its quarterly earnings results on Sunday, February 14th. The shipping company reported $0.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. Safe Bulkers had a negative net margin of 8.52% and a negative return on equity of 3.64%. The firm had revenue of $47.51 million for the quarter, compared to analyst estimates of $48.61 million.

A number of analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Safe Bulkers from a “buy” rating to a “hold” rating in a report on Thursday, February 18th. TheStreet upgraded shares of Safe Bulkers from a “d+” rating to a “c-” rating in a report on Tuesday, February 9th. Jefferies Financial Group downgraded shares of Safe Bulkers from a “buy” rating to a “hold” rating and lifted their price objective for the company from $1.50 to $1.75 in a report on Friday, January 29th. They noted that the move was a valuation call. Finally, Stifel Nicolaus upgraded shares of Safe Bulkers from a “hold” rating to a “buy” rating and lifted their price objective for the company from $1.50 to $3.00 in a report on Monday, February 1st. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Safe Bulkers currently has an average rating of “Buy” and a consensus price target of $2.13.

Shares of NYSE SB traded down $0.10 during midday trading on Monday, reaching $2.25. The company’s stock had a trading volume of 25,466 shares, compared to its average volume of 838,739. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 1.23. Safe Bulkers has a fifty-two week low of $0.82 and a fifty-two week high of $3.15. The stock has a market capitalization of $229.89 million, a price-to-earnings ratio of -8.70 and a beta of 0.95. The stock has a 50 day simple moving average of $2.73 and a 200-day simple moving average of $1.68.

A number of institutional investors and hedge funds have recently modified their holdings of SB. Wagner Wealth Management LLC acquired a new position in shares of Safe Bulkers in the fourth quarter valued at $38,000. Squarepoint Ops LLC boosted its position in shares of Safe Bulkers by 251.8% in the third quarter. Squarepoint Ops LLC now owns 53,436 shares of the shipping company’s stock valued at $55,000 after acquiring an additional 38,246 shares during the period. Rhumbline Advisers boosted its position in shares of Safe Bulkers by 14.9% in the fourth quarter. Rhumbline Advisers now owns 84,241 shares of the shipping company’s stock valued at $110,000 after acquiring an additional 10,910 shares during the period. Wells Fargo & Company MN boosted its position in shares of Safe Bulkers by 36.0% in the fourth quarter. Wells Fargo & Company MN now owns 99,202 shares of the shipping company’s stock valued at $130,000 after acquiring an additional 26,270 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Safe Bulkers by 211.8% in the fourth quarter. JPMorgan Chase & Co. now owns 155,103 shares of the shipping company’s stock valued at $202,000 after acquiring an additional 105,363 shares during the period. Institutional investors and hedge funds own 12.97% of the company’s stock.

About Safe Bulkers

Safe Bulkers, Inc provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of March 15, 2021, the company had a fleet of 43 drybulk vessels having an average age of 10.3 years; and an aggregate carrying capacity of 3,937,000 deadweight tons.

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