Scorpio Tankers (NYSE:STNG) Stock Price Target Raised at Morgan Stanley

Scorpio Tankers (NYSE:STNG) had its price objective upped by analysts at Morgan Stanley from $76.00 to $90.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the shipping company’s stock. Morgan Stanley’s price target points to a potential upside of 2.36% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Evercore reissued an “outperform” rating and issued a $94.00 target price on shares of Scorpio Tankers in a report on Wednesday, July 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $100.00 target price on shares of Scorpio Tankers in a research note on Tuesday, August 4th. BTIG Research upped their price objective on Scorpio Tankers from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Wall Street Zen downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 14th. Finally, Zacks Research downgraded Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $92.14.

Scorpio Tankers Price Performance

Shares of NYSE STNG traded up $0.44 during midday trading on Tuesday, reaching $87.93. The stock had a trading volume of 323,140 shares, compared to its average volume of 1,038,738. Scorpio Tankers has a 12-month low of $48.93 and a 12-month high of $90.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 6.89 and a current ratio of 6.93. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 5.49 and a beta of -0.17. The stock has a 50-day moving average of $81.43 and a 200-day moving average of $78.93.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $4.68 EPS for the quarter, beating analysts’ consensus estimates of $4.56 by $0.12. The business had revenue of $408.73 million for the quarter, compared to analysts’ expectations of $398.25 million. Scorpio Tankers had a return on equity of 16.43% and a net margin of 67.16%. The business’s quarterly revenue was up 77.5% on a year-over-year basis. During the same period last year, the firm earned $1.41 earnings per share. As a group, research analysts anticipate that Scorpio Tankers will post 11.28 EPS for the current fiscal year.

Insider Activity at Scorpio Tankers

In related news, COO Cameron Mackey sold 125,000 shares of Scorpio Tankers stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $89.03, for a total transaction of $11,128,750.00. Following the completion of the sale, the chief operating officer owned 739,531 shares in the company, valued at $65,840,444.93. This trade represents a 14.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Christopher Avella sold 56,500 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $86.57, for a total value of $4,891,205.00. Following the completion of the sale, the chief financial officer owned 178,834 shares of the company’s stock, valued at $15,481,659.38. This represents a 24.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 420,133 shares of company stock valued at $36,611,311. Company insiders own 7.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of STNG. Dimensional Fund Advisors LP boosted its stake in Scorpio Tankers by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock worth $233,544,000 after purchasing an additional 122,874 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Scorpio Tankers by 7.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 918,223 shares of the shipping company’s stock worth $68,555,000 after buying an additional 64,511 shares during the last quarter. Bank of America Corp DE lifted its stake in Scorpio Tankers by 9.3% during the 1st quarter. Bank of America Corp DE now owns 244,364 shares of the shipping company’s stock valued at $18,244,000 after acquiring an additional 20,878 shares during the period. Empowered Funds LLC lifted its stake in Scorpio Tankers by 20.9% during the 1st quarter. Empowered Funds LLC now owns 240,545 shares of the shipping company’s stock valued at $17,959,000 after acquiring an additional 41,516 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Scorpio Tankers by 9.8% in the 1st quarter. Bank of New York Mellon Corp now owns 132,975 shares of the shipping company’s stock valued at $9,928,000 after acquiring an additional 11,829 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

Scorpio Tankers Inc is a marine transportation company that owns, leases and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and heating oil, as well as certain petrochemical products.

Its vessels serve international energy markets by carrying clean petroleum products between refineries, storage terminals and regional distribution centers. Scorpio Tankers operates across major global shipping routes and serves customers in the oil trading, refining and energy industries.

Founded in 2009, Scorpio Tankers became a publicly traded company on the New York Stock Exchange in 2010.