Scorpio Bulkers (SALT) Expected to Post Earnings of $0.03 Per Share

Analysts expect Scorpio Bulkers (NYSE:SALT) to report earnings of $0.03 per share for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Scorpio Bulkers’ earnings, with the highest EPS estimate coming in at $0.05 and the lowest estimate coming in at ($0.01). Scorpio Bulkers posted earnings per share of ($0.18) in the same quarter last year, which indicates a positive year over year growth rate of 116.7%. The company is scheduled to issue its next earnings report on Monday, July 23rd.

According to Zacks, analysts expect that Scorpio Bulkers will report full-year earnings of $0.13 per share for the current fiscal year, with EPS estimates ranging from $0.05 to $0.34. For the next fiscal year, analysts anticipate that the business will report earnings of $0.49 per share, with EPS estimates ranging from $0.15 to $1.07. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Scorpio Bulkers.

Scorpio Bulkers (NYSE:SALT) last issued its quarterly earnings data on Monday, April 23rd. The shipping company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Scorpio Bulkers had a negative net margin of 17.02% and a negative return on equity of 3.32%. The business had revenue of $54.20 million for the quarter, compared to analyst estimates of $53.57 million. During the same quarter last year, the business earned ($0.23) EPS. Scorpio Bulkers’s revenue for the quarter was up 56.2% compared to the same quarter last year.

A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Scorpio Bulkers from a “hold” rating to a “sell” rating in a research note on Wednesday, February 14th. Stifel Nicolaus upgraded Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a research report on Monday, April 23rd. ValuEngine upgraded Scorpio Bulkers from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 3rd. Finally, Morgan Stanley decreased their target price on Scorpio Bulkers from $10.50 to $9.00 and set an “equal weight” rating for the company in a research report on Monday, February 12th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $10.15.

Shares of Scorpio Bulkers opened at $7.55 on Friday, according to MarketBeat. Scorpio Bulkers has a fifty-two week low of $7.35 and a fifty-two week high of $7.65. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.73. The company has a market cap of $578.56 million, a price-to-earnings ratio of -13.25 and a beta of 3.12.

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Stockholders of record on Tuesday, May 15th will be given a $0.02 dividend. The ex-dividend date is Monday, May 14th. This represents a $0.08 annualized dividend and a dividend yield of 1.06%. Scorpio Bulkers’s payout ratio is -14.04%.

Several institutional investors and hedge funds have recently modified their holdings of SALT. Dimensional Fund Advisors LP grew its position in shares of Scorpio Bulkers by 71.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,659,693 shares of the shipping company’s stock worth $11,701,000 after acquiring an additional 693,269 shares in the last quarter. Valueworks LLC grew its position in shares of Scorpio Bulkers by 441.6% in the 1st quarter. Valueworks LLC now owns 797,377 shares of the shipping company’s stock worth $5,621,000 after acquiring an additional 650,152 shares in the last quarter. Millennium Management LLC grew its position in shares of Scorpio Bulkers by 136.4% in the 4th quarter. Millennium Management LLC now owns 887,511 shares of the shipping company’s stock worth $6,568,000 after acquiring an additional 512,042 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Scorpio Bulkers by 59.0% in the 4th quarter. Renaissance Technologies LLC now owns 1,124,292 shares of the shipping company’s stock worth $8,320,000 after acquiring an additional 417,383 shares in the last quarter. Finally, Evermore Global Advisors LLC grew its position in shares of Scorpio Bulkers by 6.1% in the 4th quarter. Evermore Global Advisors LLC now owns 6,324,477 shares of the shipping company’s stock worth $46,801,000 after acquiring an additional 366,181 shares in the last quarter. Institutional investors own 37.01% of the company’s stock.

About Scorpio Bulkers

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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Earnings History and Estimates for Scorpio Bulkers (NYSE:SALT)

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