Scorpio Bulkers’ (SALT) Buy Rating Reaffirmed at Noble Financial

Noble Financial reaffirmed their buy rating on shares of Scorpio Bulkers (NYSE:SALT) in a research note issued to investors on Friday.

Several other analysts have also recently issued reports on SALT. ValuEngine cut Scorpio Bulkers from a hold rating to a sell rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded Scorpio Bulkers from a hold rating to a buy rating and set a $8.00 target price for the company in a research report on Thursday, July 5th. Jefferies Financial Group set a $12.00 target price on Scorpio Bulkers and gave the stock a buy rating in a research report on Tuesday, July 24th. Seaport Global Securities reiterated a buy rating and set a $13.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, July 31st. Finally, B. Riley assumed coverage on Scorpio Bulkers in a research report on Thursday, October 4th. They set a buy rating and a $9.50 target price for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Scorpio Bulkers presently has a consensus rating of Hold and a consensus price target of $10.00.

Shares of NYSE:SALT traded down $0.21 during trading on Friday, hitting $6.34. 608,211 shares of the company’s stock were exchanged, compared to its average volume of 477,721. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.71. Scorpio Bulkers has a 52-week low of $6.31 and a 52-week high of $8.85. The stock has a market capitalization of $550.71 million, a P/E ratio of -11.12 and a beta of 3.02.

Scorpio Bulkers (NYSE:SALT) last released its earnings results on Monday, July 23rd. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). Scorpio Bulkers had a negative return on equity of 1.84% and a negative net margin of 8.17%. The business had revenue of $60.61 million for the quarter, compared to analysts’ expectations of $61.68 million. During the same quarter in the prior year, the business posted ($0.19) EPS. The business’s revenue for the quarter was up 60.6% compared to the same quarter last year. On average, research analysts predict that Scorpio Bulkers will post 0.12 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northern Trust Corp grew its holdings in Scorpio Bulkers by 2.7% during the 2nd quarter. Northern Trust Corp now owns 535,776 shares of the shipping company’s stock valued at $3,804,000 after buying an additional 13,846 shares in the last quarter. Engineers Gate Manager LP grew its holdings in Scorpio Bulkers by 121.7% during the 2nd quarter. Engineers Gate Manager LP now owns 43,888 shares of the shipping company’s stock valued at $312,000 after buying an additional 24,095 shares in the last quarter. Trexquant Investment LP purchased a new position in Scorpio Bulkers during the 2nd quarter valued at approximately $226,000. Millennium Management LLC grew its holdings in Scorpio Bulkers by 3.9% during the 1st quarter. Millennium Management LLC now owns 921,953 shares of the shipping company’s stock valued at $6,500,000 after buying an additional 34,442 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Scorpio Bulkers during the 2nd quarter valued at approximately $300,000. Institutional investors and hedge funds own 38.59% of the company’s stock.

Scorpio Bulkers Company Profile

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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