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Star Bulk Carriers (SBLK) Wraps Up 10M Share Buyback Plan

Star Bulk Carriers SBLK declared that it has recently ended the previously announced buyback of 10 million of its common shares from Oaktree shareholders (also called December Share Repurchase).

Owing to the completion of December Share Repurchase, the collective ownership of Oaktree Dry Bulk Holding LLC and its affiliated funds in SBLK was reduced from approximately 17.1% of the company’s outstanding shares to 7.2%. Additionally, the agreement had also brought about other related changes.

This apart, SBLK rewarded its shareholders by paying quarterly dividends of 22 cents per share (annualized $1.60), giving a 7.31% yield at the current stock price. SBLK’s payout ratio was 77%, with a five-year dividend growth rate of 173.93%. (Check SBLK’s dividend history here).

Zacks Rank & Key Picks

SBLK currently carries a Zacks Rank #3 (Hold).

A couple of better-ranked stocks for investors interested in the Zacks Transportation sector are Air Canada ACDVF and SkyWest SKYW.

Air Canada currently sports a Zacks Rank #1 (Strong Buy). An uptick in passenger traffic is aiding ACDVF. Recently, management announced its plans to launch a new year-round route between Montreal and Madrid. You can see the complete list of today’s Zacks #1 Rank stocks here.

The service will commence in May of the following year as part of the company's expanded international summer 2024 flying schedule to cater to the increased demand.

SkyWest currently carries a Zacks Rank #2 (Buy). SKYW's fleet-modernization efforts are commendable. Initiatives to reward its shareholders also bode well. The Zacks Consensus Estimate for current-quarter earnings has surged 83.3% in the past 60 days.

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SkyWest, Inc. (SKYW) : Free Stock Analysis Report

Star Bulk Carriers Corp. (SBLK) : Free Stock Analysis Report

Air Canada (ACDVF) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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