After B.Riley FBR and BTIG gave Scorpio Bulkers (NYSE: SALT) a Buy rating last month, the company received another Buy, this time from Noble Financial. Analyst Poe Fratt maintained a Buy rating on Scorpio Bulkers today and set a price target of $40.00. The company’s shares closed last Tuesday at $16.35.
According to TipRanks.com, Fratt ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -18.0% and a 31.5% success rate. Fratt covers the Services sector, focusing on stocks such as Energy Services of America, Grindrod Shipping Holdings, and Great Lakes Dredge & Dock.
Scorpio Bulkers has an analyst consensus of Strong Buy, with a price target consensus of $38.67, a 121.0% upside from current levels. In a report released yesterday, Jefferies also maintained a Buy rating on the stock with a $32.00 price target.
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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.
