Pyxis Tankers Inc. (NASDAQ: PXS) operates as a maritime transportation company with a focus on the tanker sector in the United States. Its fleet transports refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, and fuel oil, as well as other liquid bulk items, including vegetable oils and organic chemicals.
On Friday, December 1, 2017, PXS shares opened at $1.92 and hit an intra-day high of $9.20. On Monday, December 4, 2017, PXS shares opened at $5.48 and hit an intra-day high of $12.22.
The company reports 18.15 million shares outstanding, and 1.23 million shares in the public float. Over 12 million shares have traded in the last two trading sessions.
No recent news or SEC filings are available. Valentios Velentis, the company chairman, owns 93% of the outstanding shares.
Fleet Inventory
Vessel Name Shipyard Carrying Capacity (dwt) Year Built Type of Charter
Pyxis Epsilon SPP – So. Korea 50,295 2015 Time
Pyxis Theta SPP – So. Korea 51,795 2013 Time
Pyxis Malou SPP – So. Korea 50,667 2009 Spot
Pyxis Delta Hyundai – So. Korea 46,616 2006 Time
Northsea Alpha Kejin – China 8,615 2010 Spot
Northsea Beta Kejin – China 8,647 2010 Spot
About
PXS is engaged in the seaborne transportation of refined petroleum products and other bulk liquids. Their fleet is comprised of six double hull product tankers with a weighted average age of 6.7 years (based on deadweight tonnage as of November 1, 2017) and that are employed under a mix of short- and medium-term time charters and spot charters. Four of the vessels in the fleet are medium-range, or MR, product tankers, three of which have eco-efficient or eco-modified designs, and two of which are short-range tanker sister ships. Each of the vessels in the fleet is capable of transporting refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel, and fuel oil, as well as other liquid bulk items, such as vegetable oils and organic chemicals.
Analysts
Date Firm Action From To
Dec 2017 Maxim Group Downgrades Buy Hold
Nov 2017 Maxim Group Maintains Buy
Aug 2017 Aegis Capital Initiates Coverage Buy
Maxim Group analyst James Jang has been unable to substantiate Pyxis’ price movement using its source and channel checks, Jang said in a Monday, December 4, 2017 note.
Financial Review
For the three months ended September 30, 2017, revenues were $5.2 million, which resulted in a net loss of $1.3 million, or a loss per share (basic and diluted) of $0.07, and EBITDA was $0.8 million.
As of September 30, 2017, the net funded debt stood at $64.7 million. The weighted average interest rate was approximately 3.7% during the first nine months of 2017. There is no scheduled balloon payment on bank debt until the second quarter of 2020.
Voyage revenues of $6.3 million for the three months ended September 30, 2017 represented a decrease of $0.9 million, or 11.9%, from $7.2 million in the comparable period in 2016.
Stock Influences and Risk Factors
A rise in shipping rates or an improved market would benefit the company,
They operate vessels worldwide and as a result, are exposed to international risks that may reduce revenue or increase expenses,
Charter hire rates for product tankers are cyclical and volatile,
An over-supply of product tanker capacity may lead to reductions in charter rates, vessel values, and profitability.
Stock Chart
On Monday, December 4, 2017, PXS was trading at $9.12 (+122.44%) on traded volume of 11.2 million shares. The current RSI (14) is 93.55
PXS shares are trading above their 50-day and 200-day moving averages of $2.07 and $1.88 respectively.
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