Noble Financial started coverage on shares of Scorpio Bulkers (NYSE:SALT) in a research note released on Friday morning. The firm issued a buy rating and a $10.00 target price on the shipping company’s stock.

A number of other research firms also recently issued reports on SALT. Zacks Investment Research upgraded shares of Scorpio Bulkers from a hold rating to a buy rating and set a $8.25 target price on the stock in a research report on Friday, September 29th. BidaskClub upgraded shares of Scorpio Bulkers from a sell rating to a hold rating in a research report on Thursday, September 21st. Stifel Nicolaus reiterated a hold rating and set a $9.00 target price on shares of Scorpio Bulkers in a research report on Tuesday, October 24th. Finally, Jefferies Group initiated coverage on shares of 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 issued a buy rating to the company’s stock. Scorpio Bulkers currently has a consensus rating of Hold and an average price target of $9.89.

Shares of Scorpio Bulkers (NYSE SALT) traded up $0.45 during midday trading on Friday, hitting $7.85. 1,409,800 shares of the stock were exchanged, compared to its average volume of 556,733. The firm has a market cap of $592.36, a P/E ratio of -7.07 and a beta of 3.57. Scorpio Bulkers has a 1 year low of $5.70 and a 1 year high of $10.14. 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 (NYSE:SALT) last issued its quarterly earnings results on Monday, October 23rd. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.01). The firm had revenue of $38.60 million during the quarter, compared to analyst estimates of $40.04 million. Scorpio Bulkers had a negative return on equity of 6.51% and a negative net margin of 57.43%. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.60) EPS. sell-side analysts expect that Scorpio Bulkers will post -0.58 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in Scorpio Bulkers by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 198,177 shares of the shipping company’s stock valued at $1,408,000 after purchasing an additional 508 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Scorpio Bulkers by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,004 shares of the shipping company’s stock valued at $326,000 after purchasing an additional 1,291 shares in the last quarter. Vanguard Group Inc. increased its stake in Scorpio Bulkers by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 122,836 shares of the shipping company’s stock valued at $872,000 after purchasing an additional 2,242 shares in the last quarter. Teachers Advisors LLC increased its stake in Scorpio Bulkers by 2.4% during the 2nd quarter. Teachers Advisors LLC now owns 105,567 shares of the shipping company’s stock valued at $750,000 after purchasing an additional 2,439 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in Scorpio Bulkers by 27.2% during the 2nd quarter. Voya Investment Management LLC now owns 25,660 shares of the shipping company’s stock valued at $182,000 after purchasing an additional 5,493 shares in the last quarter. Institutional investors and hedge funds own 40.31% of the company’s stock.

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Scorpio Bulkers Company Profile

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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