Scorpio Bulkers Inc (NYSE:SALT) to Issue Quarterly Dividend of $0.02

Scorpio Bulkers Inc (NYSE:SALT) announced a quarterly dividend on Tuesday, July 24th, Wall Street Journal reports. Shareholders of record on Wednesday, August 15th will be given a dividend of 0.02 per share by the shipping company on Friday, August 31st. This represents a $0.08 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend is Tuesday, August 14th.

Shares of NYSE:SALT traded down $0.10 during midday trading on Friday, hitting $6.80. 365,300 shares of the company’s stock traded hands, compared to its average volume of 482,785. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $535.52 million, a price-to-earnings ratio of -12.02 and a beta of 3.11. Scorpio Bulkers has a twelve month low of $6.50 and a twelve month high of $8.85.

Scorpio Bulkers (NYSE:SALT) last posted its earnings results on Monday, July 23rd. The shipping company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.02). Scorpio Bulkers had a negative net margin of 8.17% and a negative return on equity of 1.84%. The business had revenue of $60.61 million for the quarter, compared to analyst estimates of $61.68 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The business’s revenue was up 60.6% compared to the same quarter last year. analysts predict that Scorpio Bulkers will post 0.12 earnings per share for the current year.

A number of brokerages have commented on SALT. Zacks Investment Research lowered shares of Scorpio Bulkers from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. ValuEngine upgraded shares of Scorpio Bulkers from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd. Seaport Global Securities reiterated a “buy” rating and issued a $13.00 price objective on shares of Scorpio Bulkers in a report on Tuesday, July 31st. Jefferies Financial Group set a $12.00 target price on shares of Scorpio Bulkers and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, Noble Financial restated a “buy” rating and issued a $10.00 target price on shares of Scorpio Bulkers in a research note on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $10.08.

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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