Stock analysts at Noble Financial started coverage on shares of Scorpio Bulkers (NYSE:SALT) in a report issued on Friday. The brokerage set a “buy” rating and a $10.00 price target on the shipping company’s stock. Noble Financial’s price target would indicate a potential upside of 27.39% from the stock’s previous close.
Several other brokerages also recently commented on SALT. Stifel Nicolaus reissued a “hold” rating and set a $9.00 target price on shares of Scorpio Bulkers in a research note on Tuesday, October 24th. Zacks Investment Research downgraded Scorpio Bulkers from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. BidaskClub raised Scorpio Bulkers from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Finally, Jefferies Group initiated coverage on Scorpio Bulkers in a research note on Monday, December 18th. They issued a “buy” rating and a $14.00 price objective for the company. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $9.89.
Shares of Scorpio Bulkers (SALT) traded up $0.45 during midday trading on Friday, reaching $7.85. The company’s stock had a trading volume of 1,409,800 shares, compared to its average volume of 556,733. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.20 and a current ratio of 2.20. The firm has a market capitalization of $592.36, a P/E ratio of -7.07 and a beta of 3.57. Scorpio Bulkers has a 12-month low of $5.70 and a 12-month high of $10.14.
Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, October 23rd. The shipping company reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The business had revenue of $38.60 million for the quarter, compared to analyst estimates of $40.04 million. Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The firm’s revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.60) EPS. equities research analysts forecast that Scorpio Bulkers will post -0.58 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Scorpio Bulkers by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after buying an additional 508 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Scorpio Bulkers by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock valued at $326,000 after buying an additional 1,291 shares during the period. Vanguard Group Inc. increased its stake in shares of Scorpio Bulkers by 1.9% in the second quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after buying an additional 2,242 shares during the period. Teachers Advisors LLC increased its stake in shares of Scorpio Bulkers by 2.4% in the second quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after buying an additional 2,439 shares during the period. Finally, Voya Investment Management LLC increased its stake in shares of Scorpio Bulkers by 27.2% in the second quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after buying an additional 5,493 shares during the period. 40.31% of the stock is 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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