Scorpio Bulkers Inc. (SALT) to Release Quarterly Earnings on Monday
Scorpio Bulkers Inc. (NYSE:SALT) is scheduled to release its earnings data before the market opens on Monday, October 23rd. Analysts expect Scorpio Bulkers to post earnings of ($0.15) per share for the quarter.
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, analysts expect Scorpio Bulkers to post $-0.64 EPS for the current fiscal year and $-0.15 EPS for the next fiscal year.
Shares of Scorpio Bulkers Inc. (NYSE SALT) traded up 4.83% during trading on Monday, hitting $7.60. 202,813 shares of the stock traded hands. The company has a 50 day moving average price of $7.44 and a 200 day moving average price of $7.27. Scorpio Bulkers Inc. has a 12 month low of $3.35 and a 12 month high of $10.14. The firm’s market cap is $545.71 million.
Scorpio Bulkers declared that its Board of Directors has initiated a share repurchase plan on Wednesday, September 13th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the shipping company to repurchase up to 10.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research report on Friday, September 29th. BidaskClub cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Wednesday, September 27th. ValuEngine cut shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Jefferies Group LLC reissued a “buy” rating and set a $14.00 price target on shares of Scorpio Bulkers in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $8.00 price target on shares of Scorpio Bulkers in a research report on Tuesday, July 25th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $9.36.
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A hedge fund recently raised its stake in Scorpio Bulkers stock. Vanguard Group Inc. lifted its stake in Scorpio Bulkers Inc. (NYSE:SALT) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 122,836 shares of the shipping company’s stock after acquiring an additional 2,242 shares during the quarter. Vanguard Group Inc. owned 0.17% of Scorpio Bulkers worth $872,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 43.97% 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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