Scorpio Bulkers Inc. (SALT) Given “Hold” Rating at Stifel Nicolaus
Scorpio Bulkers Inc. (NYSE:SALT)‘s stock had its “hold” rating reissued by analysts at Stifel Nicolaus in a research note issued to investors on Wednesday. They currently have a $8.50 price objective on the shipping company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 16.44% from the company’s previous close.
Several other research firms also recently commented on SALT. Zacks Investment Research downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Morgan Stanley initiated coverage on shares of Scorpio Bulkers in a report on Tuesday, March 28th. They issued an “equal weight” rating and a $10.50 price objective on the stock. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $10.00 price objective on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $7.92.
Shares of Scorpio Bulkers (NYSE SALT) traded up 3.082% on Wednesday, hitting $7.525. 190,381 shares of the stock traded hands. The company’s market cap is $539.81 million. The stock has a 50 day moving average of $6.67 and a 200 day moving average of $7.27. Scorpio Bulkers has a one year low of $2.99 and a one year high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Thursday, April 20th. The shipping company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.03. Scorpio Bulkers had a negative net margin of 98.31% and a negative return on equity of 8.63%. The company had revenue of $34.73 million for the quarter, compared to analyst estimates of $33.92 million. During the same quarter in the previous year, the company posted ($1.12) EPS. The company’s revenue for the quarter was up 239.2% compared to the same quarter last year. Equities analysts anticipate that Scorpio Bulkers will post ($0.67) earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. Evermore Global Advisors LLC boosted its stake in Scorpio Bulkers by 10.6% in the first quarter. Evermore Global Advisors LLC now owns 4,813,709 shares of the shipping company’s stock valued at $44,286,000 after buying an additional 461,783 shares during the last quarter. Impala Asset Management LLC purchased a new stake in Scorpio Bulkers during the fourth quarter valued at about $7,411,000. Warlander Asset Management LP purchased a new stake in Scorpio Bulkers during the fourth quarter valued at about $6,623,000. Oceanic Investment Management LTD boosted its stake in Scorpio Bulkers by 119.9% in the fourth quarter. Oceanic Investment Management LTD now owns 1,249,200 shares of the shipping company’s stock valued at $6,308,000 after buying an additional 681,000 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Scorpio Bulkers by 17.9% in the first quarter. Renaissance Technologies LLC now owns 1,163,475 shares of the shipping company’s stock valued at $10,704,000 after buying an additional 176,666 shares during the last quarter. Hedge funds and other institutional investors own 47.90% of the company’s stock.
About Scorpio Bulkers
Scorpio Bulkers Inc is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT.
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