Star Bulk Completes $32M Share Buyback Reducing Outstanding Shares

Star Bulk Carriers Corp. (SBLK) has completed a share buyback program, repurchasing approximately 1.98 million shares for $32.22 million at an average price of $16.21 per share, reducing its outstanding shares to about 115.6 million. The company, a global dry bulk shipping provider with a fleet capacity of 14.4 million deadweight tons, maintains a strong financial profile supported by substantial free cash flow and solid first-quarter results, despite challenging market conditions. Wall Street analysts generally rate the stock as 'Outperform' with a one-year price target averaging $21.42, suggesting a potential upside of 23.08%. However, GuruFocus' proprietary GF Value metric estimates a fair value of $16.31 per share, indicating a possible downside of 6.26%. The company's diversified vessel fleet and strategic financial management, including the buyback and positive market performance, reflect confidence in its resilience and future prospects. Star Bulk's shares trade on the Nasdaq Global Select Market, with executive offices located in Athens, New York, Stamford, and Singapore.