Zacks Investment Research upgraded shares of Safe Bulkers Inc. (NYSE:SB) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $1.75 price objective on the 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. “
SB has been the subject of a number of other research reports. Morgan Stanley set a $1.20 price target on Safe Bulkers and gave the company a hold rating in a report on Monday, August 1st. Jefferies Group reissued a hold rating on shares of Safe Bulkers in a report on Tuesday, September 6th. Seaport Global Securities began coverage on Safe Bulkers in a report on Tuesday, August 2nd. They issued a neutral rating and a $1.00 price target for the company. Clarkson Capital reissued a neutral rating on shares of Safe Bulkers in a report on Monday, October 31st. Finally, Credit Suisse Group AG downgraded Safe Bulkers from a neutral rating to an underperform rating and set a $1.00 price target for the company. in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Safe Bulkers has an average rating of Hold and a consensus price target of $1.09.
Safe Bulkers (NYSE:SB) opened at 1.54 on Wednesday. The firm’s market cap is $128.75 million. Safe Bulkers has a 12-month low of $0.30 and a 12-month high of $2.38. The stock has a 50 day moving average price of $1.43 and a 200-day moving average price of $1.27.
Safe Bulkers (NYSE:SB) last issued its quarterly earnings results on Monday, October 31st. The company reported ($0.15) EPS for the quarter, meeting analysts’ consensus estimates of ($0.15). The firm earned $27.10 million during the quarter, compared to the consensus estimate of $26.98 million. Safe Bulkers had a negative return on equity of 6.57% and a negative net margin of 75.21%. Safe Bulkers’s revenue for the quarter was down 19.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.12) earnings per share. Equities analysts forecast that Safe Bulkers will post ($0.62) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. increased its position in Safe Bulkers by 2.0% in the third quarter. Emerald Acquisition Ltd. now owns 1,393,524 shares of the company’s stock worth $1,966,000 after buying an additional 27,628 shares in the last quarter. Phoenix Investment Adviser LLC increased its position in Safe Bulkers by 43.0% in the third quarter. Phoenix Investment Adviser LLC now owns 340,120 shares of the company’s stock worth $480,000 after buying an additional 102,232 shares in the last quarter. Paloma Partners Management Co purchased a new position in Safe Bulkers during the second quarter worth approximately $147,000. Parametric Portfolio Associates LLC increased its position in Safe Bulkers by 4.2% in the second quarter. Parametric Portfolio Associates LLC now owns 461,948 shares of the company’s stock worth $485,000 after buying an additional 18,803 shares in the last quarter. Finally, Kopernik Global Investors LLC increased its position in Safe Bulkers by 0.6% in the second quarter. Kopernik Global Investors LLC now owns 4,331,124 shares of the company’s stock worth $4,548,000 after buying an additional 24,453 shares in the last quarter. 11.46% of the stock is currently owned by institutional investors.
Safe Bulkers Company Profile
Safe Bulkers, Inc (Safe Bulkers) is a holding company. The Company’s primary business is the acquisition, ownership and operation of drybulk vessels. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, primarily coal, grain and iron ore, along across the world shipping routes.