Brokerages Anticipate Scorpio Bulkers (SALT) Will Post Earnings of $0.03 Per Share

Equities research analysts expect Scorpio Bulkers (NYSE:SALT) to report $0.03 earnings per share (EPS) for the current quarter, Zacks reports. Six analysts have made estimates for Scorpio Bulkers’ earnings. The lowest EPS estimate is ($0.01) and the highest is $0.05. Scorpio Bulkers posted earnings per share of ($0.18) during the same quarter last year, which would suggest a positive year over year growth rate of 116.7%. The company is expected to issue its next earnings results on Monday, July 23rd.

According to Zacks, analysts expect that Scorpio Bulkers will report full-year earnings of $0.13 per share for the current year, with EPS estimates ranging from $0.05 to $0.34. For the next year, analysts forecast that the company will report earnings of $0.49 per share, with EPS estimates ranging from $0.15 to $1.07. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover Scorpio Bulkers.

Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Monday, April 23rd. The shipping company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.05). Scorpio Bulkers had a negative return on equity of 3.32% and a negative net margin of 17.02%. The company had revenue of $54.20 million for the quarter, compared to analysts’ expectations of $53.57 million. During the same quarter last year, the company earned ($0.23) EPS. Scorpio Bulkers’s revenue for the quarter was up 56.2% compared to the same quarter last year.

Several equities research analysts have recently commented on SALT shares. ValuEngine cut Scorpio Bulkers from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.25 price target for the company in a research note on Thursday, January 25th. Morgan Stanley cut their price target on Scorpio Bulkers from $10.50 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, February 12th. Finally, Stifel Nicolaus upgraded Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Monday, April 23rd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $10.15.

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in Scorpio Bulkers by 185.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 16,424 shares of the shipping company’s stock worth $121,000 after acquiring an additional 10,664 shares during the period. Fox Run Management L.L.C. acquired a new position in Scorpio Bulkers during the fourth quarter worth $101,000. Two Sigma Investments LP acquired a new position in Scorpio Bulkers during the fourth quarter worth $113,000. Engineers Gate Manager LP acquired a new position in Scorpio Bulkers during the first quarter worth $140,000. Finally, Capital Fund Management S.A. acquired a new position in Scorpio Bulkers during the fourth quarter worth $207,000. 37.01% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Bulkers opened at $7.55 on Friday, MarketBeat.com reports. Scorpio Bulkers has a 12 month low of $7.35 and a 12 month high of $7.65. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market cap of $578.56 million, a PE ratio of -13.25 and a beta of 3.12.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 31st. Investors of record on Tuesday, May 15th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, May 14th. Scorpio Bulkers’s dividend payout ratio is presently -14.04%.

About Scorpio Bulkers

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers along worldwide shipping routes. As of December 31, 2017, the company owned or finance leased 55 vessels comprising 18 Kamsarmax vessels and 37 Ultramax vessels.

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Earnings History and Estimates for Scorpio Bulkers (NYSE:SALT)

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