Star Bulk Carriers reported Q1 earnings above estimates, prompting Deutsche Bank to raise its price target while maintaining a Buy rating.
Deutsche Bank increased its price target for Star Bulk Carriers (NASDAQ:SBLK) to $32 from $31, citing an improving dry bulk market after the company’s Q1 earnings beat. The firm maintained a Buy rating on the shares.
Star Bulk Carriers reported Q1 adjusted EPS of $0.56, surpassing the $0.48 consensus, while revenue reached $281.15M, above the $223.55M estimate. The company generated net income of $58.5 million and EBITDA of $109.7 million, with time-charter equivalent (TCE) earnings of $18,493 per vessel per day.
The company’s CEO noted counterseasonal strength in the dry bulk market and announced a $0.50 per share dividend under its full payout policy. Fleet expansion continues as older vessels are phased out.