Moving on to Scorpio Bulkers’ financial performance during the most recent fiscal quarter, we can state that the company is delivering better-than-expected results despite reporting a loss of $52.1 million for the quarter. The company reported a loss, adjusted for non-recurring costs, of $0.10 per share, beating the Zacks Estimate of $0.11. However, the company did not manage to deliver revenues that would reach Wall Street analysts’ estimates of $13.7 million, reporting revenues of $12.3 million for the period. Ultimately, it is indisputable that the recently-announced public offering will help Scorpio Bulkers Inc. (NYSE:SALT) strengthen its balance sheet and give it access and space to grow further. Therefore, the stock might represent a really cheap buying opportunity. Marc Lasry’s Avenue Capital represents one of the largest shareholders in Scorpio Bulkers Inc. (NYSE:SALT), owning as much as 16.33 million shares.
Let’s now take a glance at the two other sizable holdings of Monarch Alternative Capital. Weinstock left his position in Scorpio Tankers Inc. (NYSE:STNG), the sister company of Scorpio Bulkers, unchanged during the most recent quarter, at nearly 6.30 million shares that are valued at $59.34 million. The stock has increased by 10% year-to-date and can go higher as it has recently embarked on a strong uptrend. A few weeks ago, Scorpio Tankers announced its agreement to purchase four LR2 product tankers and has also received the delivery of three newbulding vessels, which clearly indicates that the company has been expanding its operations and activities. James Dinan’s York Capital Management is by far the largest shareholder of Scorpio Tankers Inc. (NYSE:STNG) in our database, holding an equity stake of 14.81 million shares worth $139.48 million.
According to another Schedule 13D filing with the SEC, Monarch Alternative Capital owns nearly 11.49 million shares in Star Bulk Carriers Corp. (NASDAQ:SBLK), which represent 5.25% of the company’s common stock. Weinstock purchased 1.87 million shares since the reporting period of his latest 13F form filing. Considering the fact that the stock has decreased by as much as 53% since the beginning of 2015, Star Bulk might represent a buying opportunity with great potential in the future. Amit Mehrotra, a Deutsche Bank analyst, has recently upgraded the rating on the stock from “Sell” to “Hold”, which might mark the end of Star Bulk’s strong downtrend experienced throughout the last months. The largest investor in Star Bulk Carriers Corp. (NASDAQ:SBLK) is Howard Marks’ Oaktree Capital Management, which owns an exorbitant stake of 82.15 million shares as of March 31, 2015.
Disclosure: None
