Star Bulk Carriers (SBLK) Trading Down 10.5% on Disappointing Earnings

Star Bulk Carriers Corp. (NASDAQ:SBLK)’s share price traded down 10.5% on Thursday following a weaker than expected earnings announcement. The stock traded as low as $6.62 and last traded at $7.28. 1,700,246 shares were traded during mid-day trading, an increase of 202% from the average session volume of 563,202 shares. The stock had previously closed at $8.13.

The shipping company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $166.49 million for the quarter, compared to analyst estimates of $154.10 million. Star Bulk Carriers had a net margin of 9.05% and a return on equity of 6.85%.

A number of research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Star Bulk Carriers from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub upgraded shares of Star Bulk Carriers from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Finally, Morgan Stanley downgraded shares of Star Bulk Carriers from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $17.00.

Institutional investors have recently modified their holdings of the business. Cetera Advisor Networks LLC acquired a new position in shares of Star Bulk Carriers in the fourth quarter worth about $123,000. Oaktree Capital Management LP raised its position in shares of Star Bulk Carriers by 11.8% in the fourth quarter. Oaktree Capital Management LP now owns 34,161,751 shares of the shipping company’s stock worth $312,239,000 after acquiring an additional 3,603,984 shares during the period. PEAK6 Investments LLC acquired a new position in shares of Star Bulk Carriers in the fourth quarter worth about $1,249,000. Legal & General Group Plc acquired a new position in shares of Star Bulk Carriers in the third quarter worth about $68,000. Finally, Pendal Group Ltd acquired a new position in shares of Star Bulk Carriers in the fourth quarter worth about $1,329,000. Institutional investors and hedge funds own 58.64% of the company’s stock.

The stock has a market capitalization of $671.84 million, a price-to-earnings ratio of 6.68 and a beta of 1.75. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.22 and a current ratio of 1.34.

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Star Bulk Carriers Company Profile (NASDAQ:SBLK)

Star Bulk Carriers Corp., a shipping company, engages in the ocean transportation of dry bulk cargoes worldwide. Its 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 April 10, 2019, the company had a fleet of 109 vessels with an aggregate capacity of approximately 12.45 million deadweight ton, including 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax, and 10 Supramax vessels.

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