OceanPal (NASDAQ:OP) to Buyback $10.00 million in Outstanding Stock

OceanPal (NASDAQ:OP) declared that its board has authorized a stock repurchase program on Monday, December 1st, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 109% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of OceanPal in a research report on Wednesday, October 8th. Wall Street Zen upgraded OceanPal to a “sell” rating in a report on Saturday, August 30th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

OceanPal Stock Up 0.7%

OceanPal stock traded up $0.01 during trading on Monday, hitting $1.37. The stock had a trading volume of 27,025 shares, compared to its average volume of 454,017. The stock’s 50 day moving average is $1.49 and its two-hundred day moving average is $12.23. OceanPal has a 1 year low of $1.07 and a 1 year high of $79.25. The stock has a market cap of $9.17 million, a price-to-earnings ratio of -0.02 and a beta of 1.16.

About OceanPal

OceanPal Inc provides ocean-going transportation services worldwide. The company owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal, and grains, as well as minor bulks, including bauxite, phosphate, and fertilizers. As of December 31, 2023, its fleet consisted of five dry bulk carriers, which include three Panamaxes and two Capesize vessels with a cargo carrying capacity of approximately 572,599 deadweight tons.