BTIG Research initiated coverage on shares of Scorpio Bulkers (NYSE:SALT) in a research report released on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $8.00 price target on the shipping company’s stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group lowered their price objective on shares of Scorpio Bulkers from $12.00 to $10.00 and set a buy rating on the stock in a report on Monday, October 22nd. ValuEngine upgraded shares of Scorpio Bulkers from a sell rating to a hold rating in a report on Tuesday, October 2nd. Zacks Investment Research downgraded shares of Scorpio Bulkers from a buy rating to a hold rating in a report on Tuesday, July 24th. B. Riley began coverage on shares of Scorpio Bulkers in a report on Thursday, October 4th. They set a buy rating and a $9.50 target price on the stock. Finally, Seaport Global Securities restated a buy rating and set a $13.00 target price on shares of Scorpio Bulkers in a report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $9.33.

NYSE SALT opened at $5.76 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.07 and a current ratio of 1.07. Scorpio Bulkers has a 12-month low of $5.41 and a 12-month high of $8.45. The company has a market capitalization of $434.29 million, a PE ratio of -10.11 and a beta of 2.80.

Scorpio Bulkers (NYSE:SALT) last posted its quarterly earnings data on Monday, October 22nd. The shipping company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). Scorpio Bulkers had a negative net margin of 2.80% and a negative return on equity of 0.49%. The business had revenue of $62.40 million during the quarter, compared to analyst estimates of $62.66 million. During the same quarter last year, the business earned ($0.15) earnings per share. Scorpio Bulkers’s revenue for the quarter was up 61.7% on a year-over-year basis. On average, analysts predict that Scorpio Bulkers will post 0.08 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Wednesday, November 14th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $0.08 dividend on an annualized basis and a yield of 1.39%. Scorpio Bulkers’s payout ratio is -14.04%.

A number of institutional investors and hedge funds have recently modified their holdings of SALT. Wells Fargo & Company MN increased its holdings in Scorpio Bulkers by 221.1% during the first quarter. Wells Fargo & Company MN now owns 118,875 shares of the shipping company’s stock worth $838,000 after buying an additional 81,857 shares during the last quarter. UBS Group AG boosted its position in Scorpio Bulkers by 202.5% during the first quarter. UBS Group AG now owns 129,365 shares of the shipping company’s stock worth $912,000 after purchasing an additional 86,593 shares during the period. Royal Bank of Canada boosted its position in Scorpio Bulkers by 1,579.1% during the first quarter. Royal Bank of Canada now owns 71,363 shares of the shipping company’s stock worth $503,000 after purchasing an additional 67,113 shares during the period. Engineers Gate Manager LP boosted its position in Scorpio Bulkers by 121.7% during the second quarter. Engineers Gate Manager LP now owns 43,888 shares of the shipping company’s stock worth $312,000 after purchasing an additional 24,095 shares during the period. Finally, Trexquant Investment LP bought a new position in Scorpio Bulkers during the second quarter worth $226,000. Institutional investors and hedge funds own 38.99% of the company’s stock.

Scorpio Bulkers Company Profile

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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Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

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