Scorpio Bulkers (NYSE:SALT) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of Scorpio Bulkers (NYSE:SALT) from a strong sell rating to a sell rating in a research note released on Wednesday, ValuEngine reports.

A number of other analysts have also issued reports on SALT. BTIG Research boosted their price target on Scorpio Bulkers to $9.00 and gave the company a buy rating in a report on Wednesday, July 10th. Noble Financial set a $8.50 price target on Scorpio Bulkers and gave the company a buy rating in a report on Tuesday, September 24th. Finally, Zacks Investment Research lowered Scorpio Bulkers from a buy rating to a hold rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $8.25.

Shares of NYSE SALT traded down $0.09 during trading hours on Wednesday, reaching $6.91. The stock had a trading volume of 310,763 shares, compared to its average volume of 351,064. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.81. The firm has a market cap of $507.42 million, a price-to-earnings ratio of -230.33 and a beta of 2.21. The business’s fifty day moving average price is $6.49 and its two-hundred day moving average price is $5.43. Scorpio Bulkers has a 52-week low of $3.57 and a 52-week high of $7.67.

Scorpio Bulkers (NYSE:SALT) last announced its quarterly earnings results on Monday, July 22nd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The firm had revenue of $49.10 million during the quarter, compared to analyst estimates of $48.00 million. Scorpio Bulkers had a negative return on equity of 0.31% and a net margin of 10.47%. Scorpio Bulkers’s quarterly revenue was down 19.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 earnings per share. Equities research analysts anticipate that Scorpio Bulkers will post -0.31 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of SALT. Campbell & CO Investment Adviser LLC bought a new position in Scorpio Bulkers in the second quarter worth approximately $152,000. Sippican Capital Advisors raised its stake in Scorpio Bulkers by 17.2% in the second quarter. Sippican Capital Advisors now owns 32,370 shares of the shipping company’s stock worth $149,000 after buying an additional 4,740 shares in the last quarter. Mraz Amerine & Associates Inc. raised its stake in Scorpio Bulkers by 26.0% in the second quarter. Mraz Amerine & Associates Inc. now owns 46,800 shares of the shipping company’s stock worth $215,000 after buying an additional 9,650 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Scorpio Bulkers by 111.0% in the second quarter. JPMorgan Chase & Co. now owns 476,284 shares of the shipping company’s stock worth $2,143,000 after buying an additional 250,583 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Scorpio Bulkers by 96.6% in the second quarter. Bank of Montreal Can now owns 11,909 shares of the shipping company’s stock worth $55,000 after buying an additional 5,850 shares in the last quarter. 35.28% of the stock is owned by institutional investors.

Scorpio Bulkers Company Profile

Scorpio Bulkers Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. The company owns and operates 55 vessels, including 54 wholly-owned or finance leased drybulk vessels comprising 17 Kamsarmax vessels and 37 Ultramax vessels; and 1 time chartered-in Ultramax vessel.

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