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

Star Bulk Carriers (NASDAQ:SBLKGet Rating) announced its earnings results on Thursday. The shipping company reported $2.00 earnings per share for the quarter, beating 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 in the prior year, the business posted $1.26 earnings per share.

Star Bulk Carriers Trading Up 3.3 %

Shares of NASDAQ:SBLK traded up $0.82 during trading on Friday, reaching $25.58. 3,236,969 shares of the stock were exchanged, compared to its average volume of 2,678,491. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.86 and a current ratio of 2.13. Star Bulk Carriers has a 12-month low of $17.80 and a 12-month high of $33.99. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 3.21 and a beta of 0.94. The firm’s 50-day moving average price is $26.06 and its 200 day moving average price is $27.45.

Star Bulk Carriers Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 16th. Stockholders of record on Friday, June 3rd were issued a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a dividend yield of 25.80%. The ex-dividend date of this dividend was Thursday, June 2nd. Star Bulk Carriers’s payout ratio is currently 82.81%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Jefferies Financial Group assumed coverage on 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 lowered their price target on Star Bulk Carriers from $37.00 to $32.00 in a report on Tuesday, July 19th. Finally, StockNews.com cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a report on Wednesday.

Institutional Trading of Star Bulk Carriers

Institutional investors have recently modified their holdings of the company. Worth Asset Management LLC purchased a new stake in shares of Star Bulk Carriers during the 1st quarter worth about $73,000. Captrust Financial Advisors boosted its holdings in Star Bulk Carriers by 29.2% in the 1st quarter. Captrust Financial Advisors now owns 2,656 shares of the shipping company’s stock worth $79,000 after acquiring an additional 600 shares during the period. BNP Paribas Arbitrage SA boosted its holdings 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 acquiring an additional 3,583 shares during the period. IHT Wealth Management LLC purchased a new position in Star Bulk Carriers in the 1st quarter worth approximately $221,000. Finally, Graham Capital Management L.P. purchased a new position in Star Bulk Carriers in the 1st quarter worth approximately $241,000. Hedge funds and other institutional investors own 49.81% of the company’s stock.

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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