In a report released yesterday, Poe Fratt from Noble Financial maintained a Buy rating on Scorpio Bulkers (NYSE: SALT). The company’s shares opened today at $6.34, close to its 52-week low of $6.31.
According to TipRanks.com, Fratt is ranked #1516 out of 4877 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Scorpio Bulkers with a $11 average price target, a 73.5% upside from current levels. In a report issued on October 3, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $9.50 price target.
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Based on Scorpio Bulkers’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $801K. In comparison, last year the company had a GAAP net loss of $10.67 million.
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Scorpio Bulkers, Inc. engages in the provision of ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. It operates through the following segments: Ultramax Vessels, Kamsarmax Vessels, and Capesize Vessels.
