In a report released today, Liam Burke from B.Riley FBR maintained a Buy rating on Scorpio Bulkers (SALT), with a price target of $8. The company’s shares opened today at $5.55.
Burke commented:
“We maintain our Buy rating and $8 per share price target on Scorpio Bulkers Inc. (SALT). Scorpio reported a Y/Y TCE revenue decline of 7.1%, with adjusted EBITDA of $23.5M, above consensus’ $15.8M. Although spot rates for its Ultramax and Kamsarmax vessels were lower Y/Y , rates held up relatively well; there should be steady improvement throughout 2019. Scorpio has also made significant progress to improve its liquidity position by selling assets at premium valuations and entering sale/leaseback agreements. With an improving demand profile, supported by high- quality assets and capacity held in check, combined with a strengthening balance sheet, we would expect a healthy rebound in SALT shares.”
According to TipRanks.com, Burke is ranked #1095 out of 5199 analysts.
Currently, the analyst consensus on Scorpio Bulkers is a Strong Buy with an average price target of $8.
See today’s analyst top recommended stocks >>
The company has a one-year high of $7.95 and a one-year low of $3.57. Currently, Scorpio Bulkers has an average volume of 469.4K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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 Ultramax Operations and Kamsarmax Operations segments. The Ultramax Operations segment includes vessels ranging from approximately 60,200 dwt to 64,000 dwt.
