Pyxis Tankers leverage allows for buybacks, says Alliance Global Partners

Alliance Global Partners says Pyxis Tankers’ “moderate” financial leverage allows for preferred redemption and stock buybacks, plus possibly fleet expansion and dividends “down the road.” The company’s “dry powder is adequate” to fund potential acquisitions of at least two more assets if the right opportunity is available, the analyst tells investors in a research note. To reflect the convertible preferred shares redemption, Alliance increased the company’s net asset value to $13 from $12.50. It keeps a Buy rating on the shares with a $10 price target.