Stock Repurchase Program Announced by OceanPal (NASDAQ:OP) Board

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

Analyst Ratings Changes

Several brokerages recently issued reports on OP. Wall Street Zen upgraded shares of OceanPal to a “sell” rating in a report on Saturday, August 30th. Weiss Ratings restated a “sell (e+)” rating on shares of OceanPal in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

OceanPal Trading Up 0.7%

Shares of OP stock traded up $0.01 during trading hours on Monday, reaching $1.37. 27,025 shares of the company’s stock were exchanged, compared to its average volume of 454,017. The stock’s fifty day moving average price is $1.49 and its two-hundred day moving average price is $12.23. The stock has a market cap of $9.17 million, a PE ratio of -0.02 and a beta of 1.16. OceanPal has a 1 year low of $1.07 and a 1 year high of $79.25.

OceanPal Company Profile

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.