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.

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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.

Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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