Monaco headquartered Scorpio Bulkers reported a loss of 9 cents a share for the second quarter, above analysts' estimates of a loss of 11 cents a share. Revenue fell 3% year over year to $12.87 million for the quarter, below analysts' estimates of $16.23 million.
Analyst firm Deutsche Bank upgraded Scorpio Bulkers to "buy" from "hold" following the company's second quarter results. The analyst firm also raised its price target for the company to $3 from $2.
"SALT mgmt has provided helpful disclosures related to the amount of secured financing available and equity in SALT's held-for-sale assets," Deutsche Bank analysts wrote. "Those details, together with proceeds from June's follow-on offering, provide SALT with plenty of cash to bridge to an upturn, in our view."
TheStreet Ratings team rates SCORPIO BULKERS as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCORPIO BULKERS (SALT) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
You can view the full analysis from the report here: SALT Ratings Report