Star Bulk Carriers Corp. (NASDAQ:SBLK) Sees Significant Drop in Short Interest

Star Bulk Carriers Corp. (NASDAQ:SBLK) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 2,350,000 shares, a drop of 22.4% from the July 15th total of 3,030,000 shares. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price objective on shares of Star Bulk Carriers in a research note on Thursday, May 23rd. StockNews.com raised shares of Star Bulk Carriers from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Finally, Stifel Nicolaus boosted their price target on Star Bulk Carriers from $28.00 to $32.00 and gave the company a “buy” rating in a report on Friday, May 24th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Susquehanna Portfolio Strategies LLC grew its position in shares of Star Bulk Carriers by 10.9% in the 2nd quarter. Susquehanna Portfolio Strategies LLC now owns 94,881 shares of the shipping company’s stock worth $2,313,000 after buying an additional 9,304 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its position in shares of Star Bulk Carriers by 22.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 156,888 shares of the shipping company’s stock worth $3,825,000 after purchasing an additional 29,042 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Star Bulk Carriers by 335.4% during the 2nd quarter. Millennium Management LLC now owns 1,221,255 shares of the shipping company’s stock valued at $29,774,000 after purchasing an additional 940,745 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Star Bulk Carriers by 27.5% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,052,262 shares of the shipping company’s stock worth $50,034,000 after purchasing an additional 442,860 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Star Bulk Carriers during the 2nd quarter worth $376,000. 33.91% of the stock is owned by institutional investors.

Star Bulk Carriers Stock Down 0.5 %

Shares of SBLK stock traded down $0.11 on Friday, hitting $21.15. The stock had a trading volume of 1,828,086 shares, compared to its average volume of 1,537,389. Star Bulk Carriers has a one year low of $16.86 and a one year high of $27.47. The business has a 50 day moving average price of $23.47 and a 200 day moving average price of $23.93. The company has a market cap of $1.78 billion, a PE ratio of 9.57 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.51 and a debt-to-equity ratio of 0.48.

Star Bulk Carriers (NASDAQ:SBLK) last posted its quarterly earnings results on Wednesday, August 7th. The shipping company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). Star Bulk Carriers had a net margin of 24.05% and a return on equity of 13.58%. The business had revenue of $352.88 million during the quarter, compared to the consensus estimate of $329.38 million. During the same quarter in the prior year, the firm posted $0.47 EPS. Research analysts anticipate that Star Bulk Carriers will post 3.73 earnings per share for the current fiscal year.

Star Bulk Carriers Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Tuesday, August 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $2.80 annualized dividend and a yield of 13.24%. Star Bulk Carriers’s dividend payout ratio (DPR) is presently 126.13%.

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.