OceanPal (NASDAQ:OP) Shares Down 2.3% – Here’s Why

Posted by Dante Gardener on Mar 1st, 2026

OceanPal Inc. (NASDAQ:OP – Get Free Report) was down 2.3% during trading on Friday . The company traded as low as $0.3711 and last traded at $0.4080. Approximately 340,108 shares traded hands during trading, a decline of 25% from the average daily volume of 454,017 shares. The stock had previously closed at $0.4174.

OceanPal Stock Down 0.0%

The business has a 50-day simple moving average of $0.92 and a 200-day simple moving average of $1.29. The stock has a market cap of $2.73 million, a P/E ratio of -0.01 and a beta of 1.16.

OceanPal declared that its board has authorized a share buyback program on Monday, December 1st that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to buy up to 109% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of OceanPal

An institutional investor recently bought a new position in OceanPal stock. Citadel Advisors LLC purchased a new position in OceanPal Inc. (NASDAQ:OP – Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 22,841 shares of the company’s stock, valued at approximately $28,000. Citadel Advisors LLC owned 0.34% of OceanPal as of its most recent SEC filing.

OceanPal Company Profile

(Get Free Report)

OceanPal Inc (NASDAQ: OP) is a Bermuda‐incorporated shipping company focused on the ownership and operation of modern crude oil tankers on a long‐term time charter basis. The company’s fleet includes both very large crude carriers (VLCCs) and Suezmax vessels, constructed at leading shipyards and maintained to high technical and safety standards. By securing multi‐year charter agreements with major oil producers and trading houses, OceanPal aims to generate stable revenue streams and enhance predictability of cash flows.

The origins of OceanPal trace back to General Maritime Corp., which was established in 2005 and listed on the NASDAQ.