Eneti (NASDAQ:NETI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.
According to Zacks, “Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. The company’s vessels consist of Ultramax, Kamsarmax and Capesize. It operates shipyards in Japan, China and Romania. Scorpio Bulkers Inc. is based in MONACO. “
Separately, Jefferies Financial Group lifted their price target on Eneti from $20.00 to $22.00 and gave the company a “hold” rating in a report on Tuesday, May 18th.
Shares of NASDAQ NETI opened at $21.01 on Friday. Eneti has a one year low of $10.70 and a one year high of $25.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.33 and a quick ratio of 1.28. The business’s 50-day simple moving average is $20.14.
Eneti (NASDAQ:NETI) last announced its quarterly earnings data on Monday, May 17th. The company reported $3.84 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $3.95. Eneti had a negative return on equity of 3.48% and a negative net margin of 276.58%. Equities analysts expect that Eneti will post 0.69 EPS for the current year.
Several hedge funds have recently modified their holdings of the stock. Bank of Montreal Can bought a new position in shares of Eneti in the 1st quarter valued at approximately $27,000. Royal Bank of Canada bought a new position in shares of Eneti in the 1st quarter valued at approximately $27,000. UBS Group AG bought a new position in shares of Eneti in the 1st quarter valued at approximately $40,000. Russell Investments Group Ltd. bought a new position in shares of Eneti in the 1st quarter valued at approximately $65,000. Finally, New York State Common Retirement Fund bought a new position in shares of Eneti in the 1st quarter valued at approximately $122,000. 30.63% of the stock is currently owned by institutional investors and hedge funds.
About Eneti
Eneti Inc, a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. As of December 31, 2020, the company owned or finance leased 41 vessels consisting of 13 Kamsarmax vessels and 28 Ultramax vessels, as well as time chartered-in five Kamsarmax vessels.
Featured Story: What defines an oversold asset?
Get a free copy of the Zacks research report on Eneti (NETI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com