Star Bulk Carriers (SBLK) Price Target Cut to $14.00

Star Bulk Carriers (NASDAQ:SBLK) had its target price dropped by equities researchers at Morgan Stanley from $15.00 to $14.00 in a report issued on Monday. The firm presently has an “overweight” rating on the shipping company’s stock. Morgan Stanley’s price target indicates a potential upside of 25.34% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. BidaskClub cut Star Bulk Carriers from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Zacks Investment Research cut Star Bulk Carriers from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Jefferies Group initiated coverage on Star Bulk Carriers in a research note on Monday, December 18th. They issued a “buy” rating and a $15.00 target price for the company. Finally, Stifel Nicolaus set a $11.00 price objective on Star Bulk Carriers and gave the stock a “hold” rating in a research note on Sunday, October 22nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $12.83.

Shares of Star Bulk Carriers (NASDAQ:SBLK) opened at $11.17 on Monday. The company has a market capitalization of $693.49, a price-to-earnings ratio of -9.97 and a beta of 2.61. Star Bulk Carriers has a 52 week low of $7.57 and a 52 week high of $13.40. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.64 and a quick ratio of 2.64.

Star Bulk Carriers (NASDAQ:SBLK) last released its earnings results on Sunday, November 19th. The shipping company reported ($0.08) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). The company had revenue of $80.80 million during the quarter, compared to analysts’ expectations of $81.23 million. Star Bulk Carriers had a negative return on equity of 4.04% and a negative net margin of 23.09%. sell-side analysts predict that Star Bulk Carriers will post -0.33 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Oaktree Capital Management LP grew its stake in shares of Star Bulk Carriers by 0.4% during the third quarter. Oaktree Capital Management LP now owns 32,579,506 shares of the shipping company’s stock worth $316,347,000 after purchasing an additional 140,000 shares during the period. River & Mercantile Asset Management LLP grew its stake in shares of Star Bulk Carriers by 5.7% during the third quarter. River & Mercantile Asset Management LLP now owns 315,819 shares of the shipping company’s stock worth $3,063,000 after purchasing an additional 17,000 shares during the period. BT Investment Management Ltd acquired a new stake in shares of Star Bulk Carriers during the third quarter worth $809,000. Fox Run Management L.L.C. acquired a new stake in shares of Star Bulk Carriers during the fourth quarter worth $272,000. Finally, Westpac Banking Corp grew its stake in shares of Star Bulk Carriers by 43.6% during the fourth quarter. Westpac Banking Corp now owns 95,100 shares of the shipping company’s stock worth $1,071,000 after purchasing an additional 28,880 shares during the period. 70.88% of the stock is owned by institutional investors and hedge funds.

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About Star Bulk Carriers

Star Bulk Carriers Corp. is an international shipping company. The Company owns and operates a fleet of dry bulk carrier vessels. As of December 31, 2016, the Company’s fleet included 73 vessels consisting primarily of Newcastlemax and Capesize, as well as Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 52,055 and 209,537 deadweight tonnage (dwt).

Analyst Recommendations for Star Bulk Carriers (NASDAQ:SBLK)

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