Scorpio Bulkers (SALT) PT Lowered to $9.00 at Morgan Stanley

Scorpio Bulkers (NYSE:SALT) had its target price lowered by analysts at Morgan Stanley from $10.50 to $9.00 in a note issued to investors on Monday. The firm presently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s price target would indicate a potential upside of 19.68% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $8.25 price target on the stock in a report on Wednesday, December 27th. Jefferies Group initiated coverage on shares of Scorpio Bulkers in a report on Monday, December 18th. They issued a “buy” rating and a $14.00 price target on the stock. Noble Financial initiated coverage on shares of Scorpio Bulkers in a report on Friday, January 12th. They issued a “buy” rating and a $10.00 price target on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $9.00 price target on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Finally, BidaskClub upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Scorpio Bulkers currently has a consensus rating of “Hold” and an average price target of $10.21.

Shares of Scorpio Bulkers (NYSE SALT) traded up $0.07 during trading hours on Monday, reaching $7.52. 94,491 shares of the company traded hands, compared to its average volume of 620,256. Scorpio Bulkers has a one year low of $5.70 and a one year high of $10.14. The company has a current ratio of 1.41, a quick ratio of 2.20 and a debt-to-equity ratio of 0.73. The firm has a market cap of $574.70, a P/E ratio of -9.06 and a beta of 3.43.

Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings results on Monday, February 5th. The shipping company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Scorpio Bulkers had a negative net margin of 36.82% and a negative return on equity of 4.45%. The company had revenue of $51.13 million for the quarter, compared to the consensus estimate of $49.34 million. During the same quarter in the prior year, the company earned ($0.29) EPS. Scorpio Bulkers’s quarterly revenue was up 90.4% on a year-over-year basis. research analysts anticipate that Scorpio Bulkers will post 0.12 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of SALT. Fox Run Management L.L.C. acquired a new stake in shares of Scorpio Bulkers during the 4th quarter worth approximately $101,000. Tower Research Capital LLC TRC grew its stake in shares of Scorpio Bulkers by 185.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 16,424 shares of the shipping company’s stock worth $121,000 after purchasing an additional 10,664 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $133,000. Capital Fund Management S.A. acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $134,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Scorpio Bulkers during the 2nd quarter worth approximately $138,000. 39.80% of the stock is currently owned by institutional investors and hedge funds.

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Scorpio Bulkers Company Profile

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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