CTRM - Pyxis Tankers: Plenty Of Share Price Appreciation Potential - Buy

2024-06-10 04:26:04 ET

Summary

• Pyxis Tankers reported solid Q1/2024 results without major surprises and provided a constructive outlook for Q2.
• The company continued to buy back common shares and increased its share repurchase authorization by $1.0 million. In addition, Pyxis Tankers decided to redeem a portion of its Preferred Shares.
• Foray into dry bulk shipping continues with the acquisition of another Kamsarmax vessel from entities affiliated with the company's CEO and Chairman.
• Pyxis Tankers continues to trade at a large discount to estimated net asset value, which is likely attributable to the company's cautious approach to shareholder capital returns.
• Assigning a very conservative 50% discount to projected year-end NAV would result in a $7 price target, or roughly 40% upside from current levels. Consequently, I am reiterating my "Buy" rating on the company's common shares.

Note:

I have covered Pyxis Tankers Inc. ( PXS ), ( PXSAP ), ( PXSAW ) previously, so investors should view this as an update to my earlier articles on the company. ...

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