Scorpio Bulkers (NYSE:SALT) PT Raised to $9.00

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Scorpio Bulkers (NYSE:SALT) had its price target hoisted by BTIG Research to $9.00 in a research report released on Wednesday morning, The Fly reports. They currently have a buy rating on the shipping company’s stock.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research raised HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. ValuEngine raised Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Tuesday, April 30th. Noble Financial set a $9.00 target price on Scorpio Bulkers and gave the stock a buy rating in a report on Friday, April 12th. Finally, B. Riley reissued a neutral rating on shares of New York Community Bancorp in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. Scorpio Bulkers presently has a consensus rating of Buy and a consensus target price of $8.96.

NYSE SALT traded up $0.23 during trading on Wednesday, reaching $6.15. 607,800 shares of the company traded hands, compared to its average volume of 416,699. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50 day moving average price of $4.61. The firm has a market capitalization of $423.07 million, a P/E ratio of -205.00 and a beta of 2.32. Scorpio Bulkers has a 1-year low of $3.57 and a 1-year high of $7.55.

Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings data on Monday, April 29th. The shipping company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.24. The company had revenue of $50.40 million for the quarter, compared to the consensus estimate of $49.25 million. Scorpio Bulkers had a positive return on equity of 0.92% and a negative net margin of 4.36%. The company’s quarterly revenue was down 7.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) earnings per share. Equities research analysts forecast that Scorpio Bulkers will post -0.54 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its position in Scorpio Bulkers by 451.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,354 shares of the shipping company’s stock worth $44,000 after purchasing an additional 9,295 shares during the last quarter. SG Americas Securities LLC bought a new position in Scorpio Bulkers in the 1st quarter worth approximately $46,000. Moors & Cabot Inc. bought a new position in Scorpio Bulkers in the 1st quarter worth approximately $56,000. Sippican Capital Advisors raised its position in Scorpio Bulkers by 14.4% in the 1st quarter. Sippican Capital Advisors now owns 27,630 shares of the shipping company’s stock worth $106,000 after purchasing an additional 3,485 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. bought a new position in Scorpio Bulkers in the 1st quarter worth approximately $143,000. 36.82% of the stock is currently owned by institutional investors and hedge funds.

About Scorpio Bulkers

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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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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