Eneti Inc. (NASDAQ:NETI) Given Average Rating of “Buy” by Brokerages

Eneti Inc. (NASDAQ:NETIGet Rating) has been assigned a consensus rating of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $14.80.

NETI has been the subject of several research reports. Jefferies Financial Group upgraded shares of Eneti from a “hold” rating to a “buy” rating and reduced their target price for the company from $21.00 to $10.00 in a research note on Friday, January 21st. Citigroup started coverage on shares of Eneti in a report on Friday, February 11th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Zacks Investment Research raised shares of Eneti from a “sell” rating to a “hold” rating in a report on Wednesday, January 5th.

A number of hedge funds have recently added to or reduced their stakes in NETI. Bank of America Corp DE raised its holdings in Eneti by 8,059.7% during the 4th quarter. Bank of America Corp DE now owns 10,934 shares of the company’s stock valued at $85,000 after acquiring an additional 10,800 shares during the period. Hsbc Holdings PLC bought a new position in Eneti in the third quarter worth about $202,000. Goldman Sachs Group Inc. increased its stake in shares of Eneti by 34.5% during the third quarter. Goldman Sachs Group Inc. now owns 14,097 shares of the company’s stock valued at $235,000 after purchasing an additional 3,615 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Eneti by 20.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 15,168 shares of the company’s stock valued at $253,000 after purchasing an additional 2,611 shares in the last quarter. Finally, Citadel Advisors LLC bought a new stake in shares of Eneti during the second quarter valued at approximately $389,000.

Shares of NASDAQ:NETI opened at $6.05 on Monday. The firm has a market capitalization of $240.43 million, a P/E ratio of 1.52 and a beta of 1.25. The company has a 50-day simple moving average of $6.19. Eneti has a 52-week low of $4.99 and a 52-week high of $21.60. The company has a current ratio of 1.45, a quick ratio of 1.40 and a debt-to-equity ratio of 0.09.

Eneti (NASDAQ:NETIGet Rating) last released its earnings results on Wednesday, February 23rd. The company reported ($0.94) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by ($0.45). Eneti had a net margin of 17.35% and a return on equity of 1.19%. The company had revenue of $16.52 million during the quarter, compared to the consensus estimate of $19.22 million. During the same quarter in the previous year, the business posted ($0.36) EPS. Research analysts predict that Eneti will post -0.51 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Investors of record on Monday, March 7th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Friday, March 4th. Eneti’s payout ratio is 1.01%.

About Eneti (Get Rating)

Eneti Inc engages in the marine-based renewable energy business. It owns and operates five wind turbine installation vessels serving the offshore wind industry. The company was formerly known as Scorpio Bulkers Inc and changed its name to Eneti Inc in February 2021. Eneti Inc was incorporated in 2013 and is based in Monaco.

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