Safe Bulkers (SB) Maintains Predictable Results

Dahlman Rose & Co. published its research report this morning on Safe Bulkers (NYSE: SB) after adjusted 3Q10 EPS were reported.

According to Dahlman Rose & Co., "Safe Bulkers reported adjusted 3Q10 EPS of $0.40, below our $0.42 estimate but ahead of the Street's $0.39. With operational visibility and a healthy LTV just above 50%, SB shares should continue to deliver a solid yield."

Dahlman Rose & Co. has attributed the difference between the 3Q10 EPS, and the estimate, to a newbuild that was delivered later than expected. The newbuild will join the fleet by the end of the year.

Safe Bulkers also had a 7% yield which Rose & Co. thinks the company can maintain because of, "the health of its balance sheet and visibility within its operations."

Safe Bulkers maintains a Buy rating and is trading at $8.65.