Shipping firm Pyxis Tankers' Q3 revenue plunges on weaker charter rates
Overview
Pyxis Tankers Q3 revenue fell 29.7% yr/yr
Company announces $3 mln stock repurchase program, indicating confidence in future prospects
Outlook
Company expects chartering environment for tankers and dry-bulk carriers in near-term to remain firm
Pyxis Tankers sees modest growth in global seaborne cargo demand through 2026
Company plans fleet expansion with $10 mln refinancing and $45 mln loan facility
Result Drivers
WEAKER CHARTER RATES - Decline in TCE revenues attributed to weaker charter rates compared to strong market conditions in 2024
GEOPOLITICAL IMPACT - Trade disruptions from geopolitical conditions affecting charter rates and trade routes
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue |
| $9.70 mln | $11.35 mln (1 Analyst) |
Q3 Net Income |
| $1.20 mln |
|
Q3 Adjusted EBITDA |
| $4.20 mln | $5.04 mln (1 Analyst) |
Q3 Operating Expenses |
| $3.50 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the marine freight & logistics peer group is "buy"
Wall Street's median 12-month price target for Pyxis Tankers Inc is $9.00, about 70.6% above its November 19 closing price of $2.65
The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago
Press Release: ID:nGNX44D2Dq
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