Safe Bulkers (NYSE:SB) Shares Gap Down Following Weak Earnings

Market Beat
2024.07.30 14:24
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Safe Bulkers (NYSE:SB) shares gap down following weak earnings announcement. The shipping company reported lower-than-expected earnings per share (EPS) and revenue for the quarter. Despite a recent upgrade from StockNews.com, the stock opened lower and closed at $5.24. The company's financial performance and stock price have been affected negatively.

Safe Bulkers, Inc. (NYSE:SB - Get Free Report)'s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $5.45, but opened at $5.30. Safe Bulkers shares last traded at $5.24, with a volume of 169,543 shares changing hands.

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The shipping company reported $0.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01). The company had revenue of $78.55 million for the quarter, compared to analyst estimates of $69.16 million. Safe Bulkers had a net margin of 27.85% and a return on equity of 10.29%. During the same quarter in the previous year, the company posted $0.12 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Safe Bulkers from a "hold" rating to a "buy" rating in a report on Wednesday, May 1st.

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Read Our Latest Research Report on Safe Bulkers

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Safe Bulkers during the 4th quarter valued at about $46,000. Welch Group LLC grew its holdings in Safe Bulkers by 30.0% in the fourth quarter. Welch Group LLC now owns 13,000 shares of the shipping company's stock valued at $51,000 after purchasing an additional 3,000 shares during the period. Regatta Capital Group LLC purchased a new stake in shares of Safe Bulkers in the fourth quarter valued at approximately $53,000. Tower Research Capital LLC TRC raised its stake in shares of Safe Bulkers by 432.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,031 shares of the shipping company's stock worth $59,000 after buying an additional 12,210 shares during the period. Finally, Simplicity Solutions LLC acquired a new stake in Safe Bulkers in the 4th quarter valued at $85,000. Hedge funds and other institutional investors own 21.69% of the company's stock.

Safe Bulkers Stock Performance

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The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.63. The company has a market cap of $559.47 million, a PE ratio of 8.01 and a beta of 0.92. The firm's fifty day moving average is $5.74 and its 200 day moving average is $5.07.

About Safe Bulkers

(Get Free Report)

Safe Bulkers, Inc, together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. The company has a fleet of 47 drybulk vessels having an aggregate carrying capacity of 4,719,600 deadweight tons.

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