Shipping firm Pyxis Tankers' Q3 revenue plunges on weaker charter rates
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Pyxis Tankers' Q3 revenue fell 29.7% year-over-year due to weaker charter rates. The company announced a $3 million stock repurchase program and expects a firm chartering environment in the near term. Pyxis plans fleet expansion with $10 million refinancing and $45 million loan facility. The stock has a 'buy' rating with a median 12-month price target of $9.00, significantly above its current price. Geopolitical conditions have impacted trade routes and charter rates.
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