BTIG Research Raises Scorpio Bulkers (NYSE:SALT) Price Target to $9.00

Scorpio Bulkers (NYSE:SALT) had its target price hoisted by BTIG Research to $9.00 in a research note released on Wednesday morning, The Fly reports. BTIG Research currently has a buy rating on the shipping company’s stock.

Several other analysts have also recently weighed in on the company. ValuEngine raised 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 Scorpio Bulkers and gave the company a buy rating in a report on Friday, April 12th. B. Riley reaffirmed a neutral rating on shares of New York Community Bancorp in a report on Wednesday, April 10th. Finally, Zacks Investment Research raised HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $8.96.

NYSE:SALT opened at $6.16 on Wednesday. The firm has a 50-day simple moving average of $4.65. Scorpio Bulkers has a twelve month low of $3.57 and a twelve month high of $7.55. The stock has a market cap of $438.72 million, a PE ratio of -205.33 and a beta of 2.32. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.79.

Scorpio Bulkers (NYSE:SALT) last released its quarterly earnings results on Monday, April 29th. The shipping company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.24. Scorpio Bulkers had a positive return on equity of 0.92% and a negative net margin of 4.36%. The firm had revenue of $50.40 million for the quarter, compared to analysts’ expectations of $49.25 million. During the same quarter last year, the firm posted ($0.08) EPS. The company’s revenue was down 7.2% compared to the same quarter last year. As a group, equities analysts expect that Scorpio Bulkers will post -0.54 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in SALT. BNP Paribas Arbitrage SA raised its holdings in shares of Scorpio Bulkers by 451.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 11,354 shares of the shipping company’s stock valued at $44,000 after buying an additional 9,295 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Scorpio Bulkers during the 1st quarter valued at about $46,000. Moors & Cabot Inc. purchased a new position in shares of Scorpio Bulkers during the 1st quarter valued at about $56,000. Sippican Capital Advisors raised its holdings in shares of Scorpio Bulkers by 14.4% during the 1st quarter. Sippican Capital Advisors now owns 27,630 shares of the shipping company’s stock valued at $106,000 after buying an additional 3,485 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. purchased a new position in shares of Scorpio Bulkers during the 1st quarter valued at about $143,000. 36.82% of the stock is currently owned by institutional investors.

Scorpio Bulkers Company Profile

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.

Featured Story: How to Use the New Google Finance Tool

The Fly

Analyst Recommendations for Scorpio Bulkers (NYSE:SALT)

Receive News & Ratings for Scorpio Bulkers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Bulkers and related companies with MarketBeat.com's FREE daily email newsletter.