Scorpio Bulkers (SALT) Earns Buy Rating from Analysts at Noble Financial

Noble Financial assumed coverage on shares of Scorpio Bulkers (NYSE:SALT) in a research report sent to investors on Friday morning. The brokerage issued a buy rating and a $10.00 price objective on the shipping company’s stock.

Several other brokerages have also weighed in on SALT. Stifel Nicolaus reissued a hold rating and set a $9.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Zacks Investment Research lowered Scorpio Bulkers from a buy rating to a hold rating in a research report on Wednesday, November 1st. BidaskClub raised Scorpio Bulkers from a sell rating to a hold rating in a research report on Wednesday, October 18th. Finally, Jefferies Group began coverage on Scorpio Bulkers in a research report on Monday, December 18th. They set a buy rating and a $14.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Scorpio Bulkers presently has a consensus rating of Hold and a consensus price target of $9.89.

Shares of Scorpio Bulkers (NYSE:SALT) traded up $0.45 during midday trading on Friday, hitting $7.85. The stock had a trading volume of 1,409,800 shares, compared to its average volume of 556,733. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.54. Scorpio Bulkers has a 1-year low of $5.70 and a 1-year high of $10.14. The firm has a market cap of $592.36, a price-to-earnings ratio of -7.07 and a beta of 3.57.

Scorpio Bulkers (NYSE:SALT) last issued its earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The business had revenue of $38.60 million for the quarter, compared to analyst estimates of $40.04 million. During the same period last year, the business posted ($0.60) EPS. Scorpio Bulkers’s revenue was up 61.5% on a year-over-year basis. sell-side analysts forecast that Scorpio Bulkers will post -0.58 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP grew its stake in Scorpio Bulkers by 13.9% during the 3rd quarter. Royce & Associates LP now owns 1,101,978 shares of the shipping company’s stock worth $7,769,000 after buying an additional 134,105 shares during the last quarter. Horseman Capital Management Ltd grew its stake in Scorpio Bulkers by 35.7% during the 3rd quarter. Horseman Capital Management Ltd now owns 950,000 shares of the shipping company’s stock worth $6,698,000 after buying an additional 250,000 shares during the last quarter. State Street Corp grew its stake in Scorpio Bulkers by 10.5% during the 2nd quarter. State Street Corp now owns 924,007 shares of the shipping company’s stock worth $6,558,000 after buying an additional 88,156 shares during the last quarter. Northern Trust Corp grew its stake in Scorpio Bulkers by 5.5% during the 2nd quarter. Northern Trust Corp now owns 532,847 shares of the shipping company’s stock worth $3,783,000 after buying an additional 27,871 shares during the last quarter. Finally, Williams Jones & Associates LLC grew its stake in Scorpio Bulkers by 64.4% during the 2nd quarter. Williams Jones & Associates LLC now owns 464,935 shares of the shipping company’s stock worth $3,301,000 after buying an additional 182,140 shares during the last quarter. Hedge funds and other institutional investors own 40.31% of the company’s stock.

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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.

Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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