Safe Bulkers (SB) is Downgraded by Credit Suisse to Underperform, Price Target at $1

Safe Bulkers (SB) was Downgraded by Credit Suisse to ” Underperform” and the brokerage firm has set the Price Target at $1. Earlier the firm had a rating of “Neutral ” on the company shares. Credit Suisse advised their investors in a research report released on Jul 29, 2016.

On the company’s financial health, Safe Bulkers reported $-0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.16. The company had revenue of $26.20 million for the quarter, compared to analysts expectations of $29.20 million. The company’s revenue was down -17.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.09 EPS.

Safe Bulkers closed down -0.03 points or -2.63% at $1.11 with 73,406 shares getting traded on Thursday. Post opening the session at $1.12, the shares hit an intraday low of $1.1 and an intraday high of $1.15 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

Safe Bulkers Inc. (Safe Bulkers) is a holding company. The Company’s principal business is the acquisition ownership and operation of drybulk vessels. The Company is an international provider of marine drybulk transportation services transporting bulk cargoes particularly coal grain and iron ore along worldwide shipping routes. The Company’s fleet comprises 33 vessels of which 12 are Panamax class vessels seven are Kamsarmax class vessels 11 are Post-Panamax class vessels and three are Capesize class vessels with an aggregate carrying capacity of 3019700 deadweight tons (dwt) and an average age of 5.8 years. The Company deploys its vessels on a mix of period time and spot time charters. The Company has 45 wholly owned subsidiaries 24 of which are incorporated in Liberia and 21 in the Republic of the Marshall Islands.

Safe Bulkers

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