Cleaves Securities Thinks Scorpio Bulkers’ Stock is Going to Recover


In a report issued on April 11, Joakim Hannisdahl from Cleaves Securities maintained a Buy rating on Scorpio Bulkers (SALT), with a price target of $32.00. The company’s shares closed last Thursday at $19.87, close to its 52-week low of $16.80.

According to TipRanks.com, Hannisdahl has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.5% and a 37.3% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, Eagle Bulk Shipping, and Star Bulk Carriers.

Scorpio Bulkers has an analyst consensus of Moderate Buy, with a price target consensus of $12.75.

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Based on Scorpio Bulkers’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $60.26 million and net profit of $15.08 million. In comparison, last year the company earned revenue of $65.17 million and had a GAAP net loss of $7.37 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 Ultramax Operations and Kamsarmax Operations segments. The Ultramax Operations segment includes vessels ranging from approximately 60,200 dwt to 64,000 dwt. The Kamsarmax Operations segment deals with essels ranging from approximately 82,000 dwt to 84,000 dwt. The company was founded by Emanuele A. Lauro and Robert L. Bugbee on March 20, 2013 and is headquartered in Monaco.

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