Zacks Investment Research Upgrades Safe Bulkers (NYSE:SB) to Strong-Buy

Zacks Investment Research upgraded shares of Safe Bulkers (NYSE:SB) from a hold rating to a strong-buy rating in a research note released on Wednesday morning, Zacks.com reports. They currently have $2.50 price target on the shipping company’s stock.

According to Zacks, “SAFE BULKERS is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly grain, iron ore and coal, along worldwide shipping routes for some of the world’s largest consumers of marine drybulk transportation services. “

A number of other analysts have also recently weighed in on SB. TheStreet raised Safe Bulkers from a d+ rating to a c rating in a research report on Friday, April 12th. ValuEngine cut Safe Bulkers from a sell rating to a strong sell rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Safe Bulkers presently has an average rating of Buy and an average target price of $3.63.

Shares of NYSE:SB traded down $0.11 on Wednesday, reaching $1.78. The company had a trading volume of 429,452 shares, compared to its average volume of 495,749. Safe Bulkers has a twelve month low of $1.28 and a twelve month high of $3.43. The company has a 50-day moving average of $1.84. The stock has a market cap of $191.37 million, a PE ratio of 11.12 and a beta of 1.74. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 1.11.

Safe Bulkers (NYSE:SB) last announced its quarterly earnings results on Tuesday, May 28th. The shipping company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. Safe Bulkers had a return on equity of 6.18% and a net margin of 13.56%. The company had revenue of $48.29 million during the quarter, compared to analysts’ expectations of $44.69 million. On average, research analysts anticipate that Safe Bulkers will post 0.16 EPS for the current year.

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Safe Bulkers by 16.3% in the fourth quarter. Geode Capital Management LLC now owns 248,319 shares of the shipping company’s stock worth $441,000 after purchasing an additional 34,889 shares during the period. D. E. Shaw & Co. Inc. increased its stake in shares of Safe Bulkers by 13.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 295,617 shares of the shipping company’s stock worth $526,000 after purchasing an additional 35,228 shares during the period. BlackRock Inc. increased its stake in shares of Safe Bulkers by 2.7% in the fourth quarter. BlackRock Inc. now owns 2,667,754 shares of the shipping company’s stock worth $4,749,000 after purchasing an additional 69,107 shares during the period. Finally, Barclays PLC increased its stake in shares of Safe Bulkers by 284.7% in the fourth quarter. Barclays PLC now owns 106,971 shares of the shipping company’s stock worth $191,000 after purchasing an additional 79,168 shares during the period. Institutional investors and hedge funds own 15.96% of the company’s stock.

About Safe Bulkers

Safe Bulkers, Inc provides marine drybulk transportation services worldwide. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of February 14, 2019, the company had a fleet of 41 drybulk vessels having an average age of 8.5 years; and an aggregate carrying capacity of 3.8 million deadweight tons.

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