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Star Bulk Carriers (SBLK ) announced on Monday a better-than-expected EPS loss of 12 cents for the second quarter. This was above the initial forecasts of a -16 cents.
Quarterly revenue reported by the company was above analysts’ estimates of $46.13 million. Coming in at $55.82 million, the rise was attributed to an increase in the total number of operating vessels.
CEO Petros Pappas highlighted in the earnings release that the company is confident that Chinese and Brazilian iron ore restocking, and the stabilization of coal imports, would “assist in driving a sustained recovery.”
Currently Star Bulk Carriers is a consensus “Hold” according to 13 analysts, with a price target range of between $6.18-$7.64.