-$0.15 Earnings Per Share Expected for Scorpio Bulkers Inc. (NYSE:SALT) This Quarter
Brokerages expect Scorpio Bulkers Inc. (NYSE:SALT) to report earnings per share (EPS) of ($0.15) for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Scorpio Bulkers’ earnings, with estimates ranging from ($0.18) to ($0.13). Scorpio Bulkers posted earnings per share of ($0.30) during the same quarter last year, which suggests a positive year over year growth rate of 50%. The business is scheduled to announce its next quarterly earnings report on Monday, October 30th.
On average, analysts expect that Scorpio Bulkers will report full year earnings of ($0.65) per share for the current year, with EPS estimates ranging from ($0.86) to ($0.50). For the next year, analysts forecast that the company will report earnings of ($0.20) per share, with EPS estimates ranging from ($0.73) to $0.55. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, July 24th. The shipping company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.01. The company had revenue of $37.70 million during the quarter, compared to the consensus estimate of $38.78 million. Scorpio Bulkers had a negative return on equity of 7.52% and a negative net margin of 72.87%. Scorpio Bulkers’s quarterly revenue was up 116.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.48) EPS.
Several research firms have recently commented on SALT. Zacks Investment Research raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a report on Wednesday, April 12th. Stifel Nicolaus reissued a “hold” rating and issued a $8.00 target price on shares of Scorpio Bulkers in a report on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating and issued a $14.00 target price on shares of Scorpio Bulkers in a report on Thursday. Credit Suisse Group reissued an “outperform” rating and issued a $10.00 target price on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Finally, BidaskClub downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $8.84.
Shares of Scorpio Bulkers (SALT) traded up 0.333% during trading on Monday, hitting $7.525. 162,943 shares of the stock were exchanged. The firm has a 50 day moving average of $6.98 and a 200-day moving average of $7.36. The stock’s market cap is $540.33 million. Scorpio Bulkers has a 52-week low of $3.03 and a 52-week high of $10.14.
Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in shares of Scorpio Bulkers during the fourth quarter valued at $139,000. Geneva Advisors LLC acquired a new stake in shares of Scorpio Bulkers during the first quarter valued at $182,000. Marshall Wace North America L.P. acquired a new stake in shares of Scorpio Bulkers during the second quarter valued at $245,000. American International Group Inc. boosted its stake in shares of Scorpio Bulkers by 53.8% in the first quarter. American International Group Inc. now owns 33,776 shares of the shipping company’s stock valued at $311,000 after buying an additional 11,819 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of Scorpio Bulkers by 291.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 52,309 shares of the shipping company’s stock valued at $481,000 after buying an additional 38,952 shares in the last quarter. Institutional investors own 48.01% 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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