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

Star Bulk Carriers (NASDAQ:SBLK – Get Rating) issued its earnings results on Thursday. The shipping company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the business earned $1.26 earnings per share.

Star Bulk Carriers Stock Up 3.3 %

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

Star Bulk Carriers Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Stockholders of record on Friday, June 3rd were issued a $1.65 dividend. 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 dividend payout ratio is currently 82.81%.

Analysts Set New Price Targets

Several equities analysts have commented on SBLK shares. StockNews.com lowered shares of Star Bulk Carriers from a “buy” rating to a “hold” rating in a research report on Wednesday. Stifel Nicolaus reduced their price target on shares of Star Bulk Carriers from $37.00 to $32.00 in a research note on Tuesday, July 19th. Finally, Jefferies Financial Group started coverage on shares of Star Bulk Carriers in a research report on Wednesday, July 20th. They set a “buy” rating and a $30.00 target price on the stock.

Institutional Trading of Star Bulk Carriers

Institutional investors have recently modified their holdings of the company. Employees Retirement System of Texas bought a new stake in shares of Star Bulk Carriers in the 1st quarter valued at about $825,000. Advisory Services Network LLC boosted its holdings in shares of Star Bulk Carriers by 3.2% in the 1st quarter. Advisory Services Network LLC now owns 25,305 shares of the shipping company’s stock valued at $751,000 after buying an additional 786 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of Star Bulk Carriers in the 1st quarter valued at about $630,000. Walleye Trading LLC bought a new stake in shares of Star Bulk Carriers in the 1st quarter valued at about $433,000. Finally, Sei Investments Co. bought a new stake in shares of Star Bulk Carriers in the 1st quarter valued at about $394,000. 49.81% of the stock is currently owned by institutional investors.

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.