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

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)