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SALT

Scorpio Bulkers

$4.68

0.105 (2.30%)

06:52
04/16/19
04/16
06:52
04/16/19
06:52

Scorpio Bulkers to sell and leaseback six Ultramax vessels to AVIC International

Scorpio Bulkers announced that the Company has agreed to sell and leaseback six Ultramax vessels to AVIC International Leasing. Upon completion, which is estimated to take place in the Q2, the company's liquidity is expected to increase by up to $62.4M in aggregate, comprising up to $52.6M upon closing after the repayment of outstanding debt and an additional tranche of up to $9.8M for installation of exhaust gas cleaning systems on the six vessels. As part of the agreements, the company will bareboat charter-in the vessels for a period of eight years. In addition, the company has purchase options beginning after the end of the second year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement. These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.

SALT Scorpio Bulkers
$4.68

0.105 (2.30%)

10/17/18
JPMS
10/17/18
DOWNGRADE
Target $8
JPMS
Neutral
Scorpio Bulkers downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Noah Parquette downgraded Scorpio Bulkers (SALT) to Neutral and lowered his price target for the shares to $8 from $9.50. The analyst cites the company's related party transactions and recent investment in Scorpio Tankers (STNG) for the downgrade.
10/17/18
10/17/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Infosys (INFY) downgraded to Neutral from Buy at Goldman Sachs with analyst Sumeet Jain saying yesterday's Q2 results were in-line but at the expense of "unexpectedly" higher investments. 2. Netflix (NFLX) downgraded to Sector Weight from Overweight at KeyBanc with analyst Andy Hargreaves citing quarterly results. While the analyst maintains a favorable view of Netflix's strategic positioning, he believes improving investment efficiency or significant ancillary opportunities are needed to drive upside from current levels, and he does not anticipate either over the next year. 3. Home Depot (HD), Lowe's (LOW), KB Home (KBH), and Lennar (LEN) were downgraded to Neutral from Outperform at Credit Suisse. 4. Del Taco (TACO) downgraded to Neutral from Buy at BTIG with analyst Peter Saleh citing the "combination of negative traffic and rising food and labor inflation" weighing on its prospects for the coming year, adding that while he is optimistic on its promotions and delivery potential, he is also worried about customers being discouraged by the company's higher pricing. 5. Scorpio Bulkers (SALT) downgraded to Neutral from Overweight at JPMorgan with analyst Noah Parquette citing the company's related party transactions and recent investment in Scorpio Tankers (STNG) for the downgrade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/18
BTIG
11/15/18
INITIATION
Target $8
BTIG
Buy
Scorpio Bulkers initiated with a Buy at BTIG
BTIG analyst Gregory Lewis initiated Scorpio Bulkers with a Buy rating and a price target of $8.
11/15/18
BTIG
11/15/18
INITIATION
Target $10
BTIG
Buy
Golden Ocean, Scorpio Bulkers initiated with a Buy at BTIG
BTIG analyst Gregory Lewis initiated Golden Ocean (GOGL) with a Buy rating and a price target of $10 as part of his broader research note launching coverage of the Dry Bulk industry, adding that the stock is his Top Pick in the sector. The analyst states that in spite of the recent sell off in the Baltic Dry Index, which has fallen about 35% since the start of Q4, freight recovery is now running for the past two years. Lewis adds that while Capesize rates are down over 50% this quarter, the medium and small Panamax and Supramax rates are down only about 10%-15%. With freight momentum building, the analyst expects Capesize rates to rise about 20% next year and contends that the recent sell-off offers an attractive entry point for dry bulk stocks. As part of the research note, the analyst also initiated Scorpio Bulkers (SALT) with a Buy rating and a $8 price target.

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