Jefferies Group began coverage on shares of Scorpio Bulkers (NYSE:SALT) in a research note released on Monday, December 18th. The brokerage issued a buy rating and a $14.00 target price on the shipping company’s stock. Jefferies Group also issued estimates for Scorpio Bulkers’ Q4 2017 earnings at ($0.08) EPS, FY2017 earnings at ($0.64) EPS and FY2018 earnings at ($0.04) EPS.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Scorpio Bulkers from a buy rating to a hold rating in a research report on Wednesday, November 1st. BidaskClub downgraded shares of Scorpio Bulkers from a hold rating to a sell rating in a report on Saturday, November 11th. Stifel Nicolaus reaffirmed a hold rating and issued a $9.00 target price on shares of Scorpio Bulkers in a report on Tuesday, October 24th. Finally, ValuEngine downgraded shares of Scorpio Bulkers from a hold rating to a sell rating in a report on Thursday, September 7th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. Scorpio Bulkers has a consensus rating of Hold and an average price target of $9.89.
Shares of Scorpio Bulkers (SALT) traded up $0.42 during midday trading on Monday, reaching $7.85. 1,410,000 shares of the company were exchanged, compared to its average volume of 470,480. The stock has a market cap of $670.86, a price-to-earnings ratio of -7.14 and a beta of 3.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.20 and a current ratio of 2.20. Scorpio Bulkers has a 52 week low of $5.70 and a 52 week high of $10.14.
Scorpio Bulkers (NYSE:SALT) last announced its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Scorpio Bulkers had a negative net margin of 57.43% and a negative return on equity of 6.51%. The company had revenue of $38.60 million for the quarter, compared to analysts’ expectations of $40.04 million. During the same quarter in the prior year, the firm posted ($0.60) earnings per share. Scorpio Bulkers’s quarterly revenue was up 61.5% on a year-over-year basis. equities research analysts predict that Scorpio Bulkers will post -0.58 earnings per share for the current year.
The company also recently disclosed a special dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 15th were given a $0.02 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. Scorpio Bulkers’s dividend payout ratio (DPR) is currently -1.82%.
A number of institutional investors have recently bought and sold shares of SALT. Rhumbline Advisers raised its position in Scorpio Bulkers by 16.4% in the 2nd quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock worth $486,000 after purchasing an additional 9,660 shares during the period. Bank of New York Mellon Corp increased its position in shares of Scorpio Bulkers by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock worth $1,408,000 after acquiring an additional 508 shares during the period. Marshall Wace North America L.P. purchased a new position in shares of Scorpio Bulkers during the second quarter worth approximately $245,000. Phoenix Investment Adviser LLC increased its position in shares of Scorpio Bulkers by 2.2% during the second quarter. Phoenix Investment Adviser LLC now owns 139,500 shares of the shipping company’s stock worth $990,000 after acquiring an additional 3,000 shares during the period. Finally, Royce & Associates LP increased its position in shares of Scorpio Bulkers by 6.0% during the second quarter. Royce & Associates LP now owns 967,873 shares of the shipping company’s stock worth $6,872,000 after acquiring an additional 55,000 shares during the period. 40.31% of the stock is currently owned by institutional investors.
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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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