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SALT

Scorpio Bulkers

$6.70

(0.00%)

, STNG

Scorpio Tankers

$33.70

0.285 (0.85%)

07:20
10/23/19
10/23
07:20
10/23/19
07:20

Scorpio Bulkers declares one-time special stock dividend

On October 22, 2019, the Company's Board of Directors declared a one-time special stock dividend to the shareholders of the Company of an aggregate of one million shares of common stock of Scorpio Tankers Inc. (STNG), a related party. For each common share that a shareholder holds in the Company that shareholder will receive 0.0138 shares of common stock of Scorpio Tankers Inc., payable on or about December 13, 2019 to all shareholders of record as of November 15, 2019. The Scorpio Tankers Inc. common shares to be distributed in the special dividend were acquired from Scorpio Tankers Inc. in a registered underwritten public offering of its common shares in October 2018. Following the payment of the special dividend, the Company will continue to own approximately 4.4 million common shares of Scorpio Tankers Inc. Emanuele A. Lauro, the Company's Chairman and CEO, commented, "We will continue to manage Scorpio Bulkers to best effect as we identify changes in the global marketplace. Of note, the special dividend of a portion of our shareholding in Scorpio Tankers is an appropriate step at this time. We believe in sharing the benefit of recent improvement of product tanker fundamentals with our shareholders, while we believe that the investment thesis around IMO 2020 still has much room to run. Separately, our core business continues to benefit from a number of short- and medium-term catalysts. Demand for Ultramax and Kamsarmax vessels has been resilient, particularly in light of expanded ton-miles from new, or renewed, supply lines from West to East. In addition, regulators and our core customers alike are defining significant benefits for modern, fuel-efficient vessels like ours. Notwithstanding the short-term costs of positioning new vessels or outfitting them with scrubbers, we are as confident as ever that our strategy confers sustained benefits as the regulatory and competitive environment evolves."

SALT

Scorpio Bulkers

$6.70

(0.00%)

STNG

Scorpio Tankers

$33.70

0.285 (0.85%)

  • 23

    Oct

SALT Scorpio Bulkers
$6.70

(0.00%)

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.
07/10/19
BTIG
07/10/19
NO CHANGE
Target $9
BTIG
Buy
Scorpio Bulkers price target raised to $9 from $8 at BTIG
BTIG analyst Gregory Lewis raised his price target on Scorpio Bulkers to $9 and kept his Buy rating, saying that while the stock price increased 30% over the past month, it is still trading at about a 45% discount to net asset value vs. the peers' range of discounts of 0% to 30%. The analyst believes that the stock has "ample room to run" with the bottom in shipping rates now in the past and the asset prices "trending stable".
STNG Scorpio Tankers
$33.70

0.285 (0.85%)

06/28/19
JEFF
06/28/19
NO CHANGE
Target $40
JEFF
Buy
Scorpio Tankers a 'very attractive' play on tanker 'super cycle,' says Jefferies
After spending time with management, Jefferies analyst Randy Giveans believes Scorpio Tankers remains well positioned to benefit from a multi-year products tanker market recovery "that is already showing signs of life." The company offers a "very attractive" way to invest in the upcoming products tanker "super cycle" given its "massive" operating leverage to an improving spot market and focus on delevering the balance sheet, Giveans tells investors in a research note. Further, the shares are trading at a 20% discount to net asset value, he adds. The analyst keeps a Buy rating on Scorpio Tankers with a $40 price target.
07/02/19
BTIG
07/02/19
NO CHANGE
Target $38
BTIG
Buy
Scorpio Tankers price target raised to $38 from $30 at BTIG
BTIG analyst Gregory Lewis raised his price target for Scorpio Tankers to $38 from $30 and reiterated a Buy rating. In a research note to investors, Lewis says he believes it is still the early stages of a cyclical up-cycle in the product tanker market, and says he is "excited" about the potential impact from IMO 2020 on the on the product tanker market in terms of fuel service disruptions, evolving product tanker trade routes and vessel discrimination. The analyst expects the "ripples" of IMO 2020 to be felt for at least the next few years.
10/17/19
STFL
10/17/19
DOWNGRADE
Target $37
STFL
Hold
Scorpio Tankers downgraded to Hold from Buy at Stifel
Stifel analyst Benjamin Nolan downgraded Scorpio Tankers to Hold from Buy with a price target of $37, up from $32. The shares are up 100% year-to-date- on the hope that IMO 2020 would bring much better product tanker charter rates, Nolan tells investors in a research note. While the analyst expects "better days" ahead for the product tanker market, he believes Scorpio Tankers shares now anticipate "at least much of this improvement." He sees less than 10% upside from current stock levels.
10/18/19
EVER
10/18/19
UPGRADE
EVER
Outperform
Frontline, Nordic American Tankers upgraded at Evercore ISI
As previously reported, Evercore ISI analyst Jonathan Chappell upgraded Frontline (FRO) to Outperform from In Line with a $14 price target and upgraded Nordic American Tankers (NAT) to In Line from Underperform. The "eye-watering" spot rates that "turbo-charged" have already pulled back, but are settling above not only pre-spike levels and year-to-date averages, but also ahead of "many of the most bullish estimates on the Street," Chappell tells investors. Fundamental and IMO 2020 improvements are combining to reset the base case for oil tankers just as favorable seasonal factors set in, contends Chappell, who names Euronav NV (EURN), Scorpio Tankers (STNG) and Teekay Tankers (TNK) as his top tanker picks.

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