Pyxis Tankers (NASDAQ:PXS) Board of Directors Authorizes Share Buyback Program

Pyxis Tankers (NASDAQ:PXS) announced that its Board of Directors has authorized a stock buyback program on Friday, November 21st, RTT News reports. The company plans to buyback $3.00 million in outstanding shares. This buyback authorization permits the transportation company to purchase up to 10% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Pyxis Tankers Price Performance

Shares of PXS stock traded up $0.23 during trading hours on Friday, reaching $2.85. 55,817 shares of the company were exchanged, compared to its average volume of 24,038. Pyxis Tankers has a fifty-two week low of $2.47 and a fifty-two week high of $4.40. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.02 and a quick ratio of 2.92. The stock’s fifty day moving average is $2.79 and its two-hundred day moving average is $2.84. The company has a market cap of $29.89 million, a price-to-earnings ratio of -71.25 and a beta of -0.64.

Pyxis Tankers (NASDAQ:PXS) last posted its quarterly earnings data on Thursday, November 20th. The transportation company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.06). Pyxis Tankers had a return on equity of 5.39% and a net margin of 6.26%.The company had revenue of $9.70 million during the quarter, compared to the consensus estimate of $9.78 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Pyxis Tankers in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Pyxis Tankers Company Profile

Pyxis Tankers, Inc is an international maritime transportation holding company, which engages in the ownership and operation of a fleet of product tankers. It also deals with the seaborne transportation and shipping of refined petroleum products and other bulk liquids. It operates through the Tanker Vessels and Dry-bulk Vessels segments.