Friday, May 24, 2019

Pyxis Tankers (PXS)

Slight Improvement, But Still Tough. Looking for 2H2019 Recovery

Pyxis Tankers Inc is a US-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of six double hull product tankers, which are employed under a mix of short- and medium-term time charters and spot charters. 

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating. 

• A Slight Improvement Over 4Q2018, But Still Another Tough Quarter. Adjusted 1Q2019 EBITDA of $0.5 million was below our
  estimate of $0.7 million. A shortfall in TCE revenue (-$0.1 million) and higher
  opex ($0.2 million) more than offset slightly lower G&A expenses ($0.2 million).
• Adjusting 2019 Estimate to reflect quarterly
  results and expected 2H2019 recovery. Due to weaker operating results, we are lowering our 2019 EBITDA
  estimate to $6.5 mill…

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