Star Bulk Carriers (NASDAQ:SBLK) Stock Rating Upgraded by DNB Markets

DNB Markets upgraded shares of Star Bulk Carriers (NASDAQ:SBLK - Free Report) from a sell rating to a hold rating in a report issued on Thursday morning, MarketBeat.com reports. DNB Markets currently has $20.20 target price on the shipping company's stock, up from their previous target price of $19.30.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus downgraded shares of Star Bulk Carriers from a "buy" rating to a "hold" rating and lowered their target price for the company from $30.00 to $21.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reissued a "buy" rating and set a $28.00 target price on shares of Star Bulk Carriers in a research note on Wednesday. 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 target for the company. Finally, StockNews.com upgraded Star Bulk Carriers from a "hold" rating to a "buy" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.80.

Star Bulk Carriers Stock Performance

Shares of SBLK stock traded down $0.24 during midday trading on Thursday, hitting $18.73. The company had a trading volume of 2,358,270 shares, compared to its average volume of 1,602,274. Star Bulk Carriers has a 52-week low of $18.52 and a 52-week high of $27.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.51 and a quick ratio of 1.34. The company's 50 day simple moving average is $20.80 and its 200 day simple moving average is $22.67. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 6.41 and a beta of 1.00.

Star Bulk Carriers Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Thursday, December 5th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 12.82%. The ex-dividend date of this dividend is Thursday, December 5th. Star Bulk Carriers's payout ratio is currently 94.59%.

Institutional Trading of Star Bulk Carriers

Several large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC purchased a new stake in shares of Star Bulk Carriers in the 2nd quarter worth about $32,000. Blue Trust Inc. lifted its holdings in shares of Star Bulk Carriers by 190.5% in the third quarter. Blue Trust Inc. now owns 2,025 shares of the shipping company's stock valued at $49,000 after purchasing an additional 1,328 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Star Bulk Carriers in the second quarter valued at about $54,000. Quarry LP grew its position in shares of Star Bulk Carriers by 39.8% in the third quarter. Quarry LP now owns 2,365 shares of the shipping company's stock valued at $56,000 after purchasing an additional 673 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of Star Bulk Carriers during the 3rd quarter worth approximately $57,000. 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.