Scorpio Bulkers (NYSE:SALT) announced that its Board of Directors has approved a stock buyback program, which allows the company to buyback $50.00 million in outstanding shares on Wednesday, September 13th, EventVestor reports. This buyback authorization allows the shipping company to buy up to 10.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Several analysts recently commented on SALT shares. Zacks Investment Research downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Stifel Nicolaus reaffirmed a “hold” rating and set a $8.50 price objective on shares of Scorpio Bulkers in a research note on Wednesday, July 19th. BidaskClub cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $14.00 target price on shares of Scorpio Bulkers in a report on Thursday, August 3rd. Finally, ValuEngine cut Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.75.

Scorpio Bulkers (NYSE SALT) traded up 5.474% during trading on Thursday, reaching $7.225. The company’s stock had a trading volume of 298,249 shares. The company’s market cap is $518.78 million. Scorpio Bulkers has a 12 month low of $3.25 and a 12 month high of $10.14. The stock’s 50-day moving average is $7.63 and its 200 day moving average is $7.45.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings data on Monday, July 24th. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.01). Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The company had revenue of $37.70 million for the quarter, compared to analyst estimates of $38.78 million. During the same quarter in the prior year, the company posted ($0.48) EPS. Scorpio Bulkers’s revenue for the quarter was up 116.7% on a year-over-year basis. On average, equities analysts forecast that Scorpio Bulkers will post ($0.68) EPS for the current fiscal year.

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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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