Scorpio Bulkers (NYSE:SALT) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Scorpio Bulkers (NYSE:SALT) issued its quarterly earnings data on Monday. The shipping company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.03, Morningstar.com reports. The company had revenue of $49.10 million during the quarter, compared to analyst estimates of $48.00 million. Scorpio Bulkers had a positive return on equity of 0.92% and a negative net margin of 4.36%. The firm’s revenue for the quarter was down 19.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.01 earnings per share.

NYSE:SALT traded down $0.44 during trading hours on Tuesday, reaching $6.25. 17,661 shares of the stock were exchanged, compared to its average volume of 486,768. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a 50-day simple moving average of $5.02. Scorpio Bulkers has a twelve month low of $3.57 and a twelve month high of $7.55. The stock has a market cap of $443.68 million, a P/E ratio of -207.17 and a beta of 2.32.

A number of large investors have recently added to or reduced their stakes in SALT. BNP Paribas Arbitrage SA lifted its stake in Scorpio Bulkers by 451.4% during the first 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 in the last quarter. SG Americas Securities LLC acquired a new position in Scorpio Bulkers during the first quarter worth $46,000. Moors & Cabot Inc. acquired a new position in Scorpio Bulkers during the first quarter worth $56,000. Sippican Capital Advisors lifted its stake in Scorpio Bulkers by 14.4% during the first 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 in the last quarter. Finally, Mraz Amerine & Associates Inc. acquired a new position in Scorpio Bulkers during the first quarter worth $143,000. Institutional investors own 36.87% of the company’s stock.

Several brokerages recently weighed in on SALT. ValuEngine upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, April 30th. BTIG Research increased their price objective on Scorpio Bulkers to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. B. Riley reiterated a “neutral” rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th. Finally, Noble Financial set a $9.00 price objective on Scorpio Bulkers and gave the stock a “buy” rating in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $8.96.

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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Earnings History for Scorpio Bulkers (NYSE:SALT)

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