Scorpio Bulkers (SALT) to Repurchase $50.00 million in Outstanding Shares
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.
COPYRIGHT VIOLATION WARNING: This report was originally published by American Banking News and is the property of of American Banking News. If you are accessing this report on another website, it was copied illegally and republished in violation of U.S. and international copyright and trademark law. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/09/14/scorpio-bulkers-salt-to-repurchase-50-00-million-in-outstanding-shares.html.
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.
Receive News & Ratings for Scorpio Bulkers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.