Scorpio Bulkers (NYSE:SALT) Announces Earnings Results

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

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

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

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of Scorpio Bulkers by 3.4% in the 4th quarter. BlackRock Inc. now owns 3,064,573 shares of the shipping company’s stock valued at $16,946,000 after buying an additional 101,407 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Scorpio Bulkers by 67.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,780,762 shares of the shipping company’s stock valued at $15,377,000 after buying an additional 1,124,146 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Scorpio Bulkers by 18.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,107,065 shares of the shipping company’s stock valued at $17,182,000 after buying an additional 474,263 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Scorpio Bulkers by 19.2% in the 4th quarter. Geode Capital Management LLC now owns 203,962 shares of the shipping company’s stock valued at $1,127,000 after buying an additional 32,817 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Scorpio Bulkers by 77.0% in the 4th quarter. Bank of America Corp DE now owns 44,830 shares of the shipping company’s stock valued at $248,000 after buying an additional 19,509 shares during the period. 36.87% of the stock is owned by institutional investors.

About Scorpio Bulkers

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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