Seaport Global Believes Star Bulk Carriers (NASDAQ: SBLK) Still Has Room to Grow

By Ryan Adsit

In a report released yesterday, Magnus Fyhr from Seaport Global reiterated a Buy rating on Star Bulk Carriers (NASDAQ: SBLK), with a price target of $16. The company’s shares opened today at $12.71, close to its 52-week high of $13.40.

According to TipRanks.com, Fyhr is a 1-star analyst with an average return of -0.8% and a 35.0% success rate. Fyhr covers the Services sector, focusing on stocks such as Ship Finance International, Golden Ocean Group Limited, and Nordic American Tanker.

Star Bulk Carriers has an analyst consensus of Moderate Buy, with a price target consensus of $15.50.

Based on Star Bulk Carriers’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $80.8 million and GAAP net loss of $7.43 million. In comparison, last year the company earned revenue of $63.24 million and had a GAAP net loss of $32.74 million.

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Star Bulk Carriers Corp. is a holding company, which engages in the marine transportation of dry bulk vessels. It ships iron ore, coal, grain, bauxite, fertilizers, and steel products. The company was founded by Petros Alexandros Pappas on December 13, 2006 and is headquartered in Athens, Greece.