Citigroup initiates coverage on Safe Bulkers Inc. (SB). More of the big boys on Wall Street are starting to take notice of this excellent high dividend stock.
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Equities research analysts at Citigroup (NYSE: C) initiated coverage on shares of Safe Bulkers, Inc. (NYSE: SB) in a research note to clients and investors on Friday. The analysts set a “hold” rating and a $10.00 price target on the stock.
Separately, analysts at Zacks Investment Research reiterated a “neutral” rating on shares of Safe Bulkers, Inc. in a research note to investors on Monday, January 3rd.
Safe Bulkers, Inc. (Safe Bulkers) is an international provider of marine dry bulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along global shipping routes for some of the global consumers of marine dry bulk transportation services. As of January 31, 2010, the Company had a fleet of 13 dry bulk vessels, with an aggregate carrying capacity of 1,077,900 deadweight tons (dwt) and an average age of 3.6 years. The fleet consisted of four Panamax vessels, three Kamsarmax vessels and six Post-Panamax class vessels. The Company’s subsidiaries include Efragel Shipping Corporation, Marindou Shipping Corporation, Avstes Shipping Corporation, Kerasies Shipping Corporation, Marathassa Shipping Corporation, Pemer Shipping Ltd., Petra Shipping Ltd., Pelea Shipping Ltd., Staloudi Shipping Corporation, Marinouki Shipping Corporation, Soffive Shipping Corporation, Eniaprohi Shipping Corporation and Eniadefhi Shipping Corporation.
Shares of Safe Bulkers, Inc. (NYSE: SB) opened at 8.81 on Tuesday. Safe Bulkers, Inc. has a 52 week low of $6.50 and a 52 week high of $9.00. The stock’s 50-day moving average is $8.4 and its 200-day moving average is $7.96. On average, analysts predict that Safe Bulkers, Inc. will post $0.39 EPS next quarter. The company has a market cap of $580.4 million and a price-to-earnings ratio of 5.24.
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