Scorpio Bulkers Inc. (SALT) Expected to Post Earnings of -$0.15 Per Share
Wall Street brokerages predict that Scorpio Bulkers Inc. (NYSE:SALT) will announce earnings of ($0.15) per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Scorpio Bulkers’ earnings, with estimates ranging from ($0.18) to ($0.13). Scorpio Bulkers posted earnings of ($0.30) per share in the same quarter last year, which would suggest a positive year over year growth rate of 50%. The business is scheduled to issue its next quarterly earnings report on Monday, October 30th.
On average, analysts expect that Scorpio Bulkers will report full-year earnings of ($0.65) per share for the current financial year, with EPS estimates ranging from ($0.86) to ($0.50). For the next financial year, analysts anticipate that the business will post earnings of ($0.20) per share, with EPS estimates ranging from ($0.73) to $0.55. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that cover Scorpio Bulkers.
Scorpio Bulkers (NYSE:SALT) last announced its earnings results on Monday, July 24th. The shipping company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.01. The business had revenue of $37.70 million for the quarter, compared to the consensus estimate of $38.78 million. Scorpio Bulkers had a negative net margin of 72.87% and a negative return on equity of 7.52%. The business’s quarterly revenue was up 116.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.48) earnings per share.
Several equities analysts recently weighed in on SALT shares. Credit Suisse Group reiterated an “outperform” rating and issued a $10.00 price target on shares of Scorpio Bulkers in a report on Sunday, April 23rd. Zacks Investment Research upgraded shares of Scorpio Bulkers from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Wednesday, April 12th. BidaskClub downgraded shares of Scorpio Bulkers from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “hold” rating and set a $8.00 price objective on shares of Scorpio Bulkers in a research note on Tuesday, July 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Scorpio Bulkers in a research note on Thursday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $8.84.
Shares of Scorpio Bulkers (NYSE SALT) traded up 0.333% during trading on Monday, reaching $7.525. 162,943 shares of the company’s stock traded hands. Scorpio Bulkers has a one year low of $3.03 and a one year high of $10.14. The company has a 50 day moving average price of $6.98 and a 200-day moving average price of $7.36. The stock’s market cap is $540.33 million.
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Several large investors have recently modified their holdings of the company. Hourglass Capital LLC purchased a new stake in shares of Scorpio Bulkers during the second quarter worth approximately $5,233,000. Marshall Wace North America L.P. purchased a new stake in shares of Scorpio Bulkers during the second quarter worth approximately $245,000. Evermore Global Advisors LLC boosted its stake in shares of Scorpio Bulkers by 32.3% in the second quarter. Evermore Global Advisors LLC now owns 6,370,207 shares of the shipping company’s stock worth $45,228,000 after buying an additional 1,556,498 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Scorpio Bulkers by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock worth $1,408,000 after buying an additional 508 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Scorpio Bulkers by 16.4% in the second quarter. Rhumbline Advisers now owns 68,488 shares of the shipping company’s stock worth $486,000 after buying an additional 9,660 shares during the last quarter. 48.01% of the stock is currently owned by institutional investors and hedge funds.
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.
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