|
|
|
|
Thursday, June 4, 2020
Pyxis Tankers Inc. (PXS)
Solid Quarter, But High 2H2020 Uncertainty
Pyxis Tankers Inc is a United States-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of double hull product tankers employed under a mix of short- and medium-term time charters and spot charters. The fleet owned by the company includes Pyxis Epsilon, Pyxis Theta, Pyxis Malou, Pyxis Delta, Northsea Alpha, and Northsea Beta. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, fuel oil, and other liquid bulk items, such as vegetable oils and organic chemicals.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid quarter, but 1Q2020 EBITDA slightly below expectations. Adjusted 1Q2020 EBITDA of $1.2 million was slightly below our estimate of $1.4 million due to a combination of lower TCE revenue ($0.1 million) and higher opex ($0.1 million).
Fine-tuning 2020 EBITDA estimate. We are moving our 2020 EBITDA estimate to $6.2 million (from $6.9 million), based on TCE rates of $13,064/day (down from $13,532/day) and 1,596 operating days, to reflect 1Q2020 operating results, the Malou fixture, and…
Click to get the full report.
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst
certification and important disclosures included in the full report.
NOTE: investment decisions should not be based upon the content of
this research summary. Proper due diligence is required before
making any investment decision.