Scorpio Tankers (NYSE:STNG) Stock Rating Upgraded by Zacks Research

Scorpio Tankers (NYSE:STNG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages have also recently commented on STNG. Bank of America raised Scorpio Tankers from an “underperform” rating to a “buy” rating and raised their price objective for the company from $76.00 to $100.00 in a research note on Thursday. Wall Street Zen raised shares of Scorpio Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Dnb Carnegie downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. BTIG Research boosted their target price on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Jefferies Financial Group assumed coverage on shares of Scorpio Tankers in a research report on Friday, April 24th. They set a “buy” rating and a $90.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.17.

Scorpio Tankers Trading Down 0.4%

Shares of Scorpio Tankers stock opened at $84.36 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 9.23 and a current ratio of 13.98. Scorpio Tankers has a 52 week low of $37.96 and a 52 week high of $87.39. The stock has a 50 day moving average price of $75.54 and a two-hundred day moving average price of $65.12. The stock has a market capitalization of $4.25 billion, a PE ratio of 8.29 and a beta of -0.24.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Tuesday, May 5th. The shipping company reported $3.02 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.23. Scorpio Tankers had a return on equity of 11.72% and a net margin of 48.44%.The firm had revenue of $312.86 million during the quarter, compared to analysts’ expectations of $286.81 million. During the same quarter last year, the firm posted $1.03 earnings per share. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. As a group, equities analysts anticipate that Scorpio Tankers will post 11.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of STNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Scorpio Tankers by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company’s stock valued at $996,000 after buying an additional 1,144 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Scorpio Tankers by 9.4% during the first quarter. Intech Investment Management LLC now owns 32,478 shares of the shipping company’s stock worth $1,221,000 after purchasing an additional 2,802 shares during the last quarter. Legal & General Group Plc boosted its holdings in Scorpio Tankers by 11.2% during the second quarter. Legal & General Group Plc now owns 9,985 shares of the shipping company’s stock worth $391,000 after purchasing an additional 1,005 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Scorpio Tankers by 593.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,807 shares of the shipping company’s stock worth $110,000 after purchasing an additional 2,402 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Scorpio Tankers by 3.1% during the second quarter. Marshall Wace LLP now owns 151,604 shares of the shipping company’s stock worth $5,932,000 after purchasing an additional 4,618 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers News Roundup

Here are the key news stories impacting Scorpio Tankers this week:

• Positive Sentiment: Bank of America upgraded Scorpio Tankers to Buy and raised its price target to $100, citing expectations that tanker rates will remain elevated. Read More
• Positive Sentiment: BTIG increased its price target on Scorpio Tankers to $100, reinforcing a more bullish Wall Street outlook. Read More
• Positive Sentiment: Zacks said Scorpio Tankers is showing strong momentum characteristics and could continue higher as earnings estimates have been revised upward. Article Title
• Positive Sentiment: The stock was also added to Zacks’ Rank #1 Strong Buy momentum and income stock lists, which may attract additional investor interest. Article Title
• Neutral Sentiment: Scorpio Tankers announced a reopening of its 1.75% convertible notes due 2031, increasing the offering to $200 million from $150 million, while also planning to repurchase about 649,427 shares. The buyback could help offset dilution, but the new notes add leverage and potential future share issuance. Article Title

About Scorpio Tankers

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.