Bank of America Raises Scorpio Tankers (NYSE:STNG) Price Target to $72.00

Scorpio Tankers (NYSE:STNG) had its price objective upped by analysts at Bank of America from $70.00 to $72.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the shipping company’s stock. Bank of America‘s target price points to a potential downside of 2.22% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. BTIG Research increased their price objective on shares of Scorpio Tankers from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Dnb Carnegie cut shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. Zacks Research upgraded Scorpio Tankers from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Moffett Nathanson raised Scorpio Tankers to a “neutral” rating in a research report on Monday, January 12th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $83.00 price objective on shares of Scorpio Tankers in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.50.

Scorpio Tankers Stock Down 2.7%

Shares of NYSE:STNG opened at $73.63 on Tuesday. The stock has a 50-day simple moving average of $69.48 and a 200-day simple moving average of $61.38. The stock has a market capitalization of $3.81 billion, a P/E ratio of 10.42 and a beta of -0.31. Scorpio Tankers has a 1 year low of $30.63 and a 1 year high of $81.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 9.23 and a current ratio of 9.33.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Friday, February 13th. The shipping company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.37 by $0.25. The firm had revenue of $252.65 million for the quarter, compared to analyst estimates of $238.93 million. Scorpio Tankers had a net margin of 36.70% and a return on equity of 8.85%. Scorpio Tankers’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 earnings per share. Equities analysts forecast that Scorpio Tankers will post 5.29 earnings per share for the current year.

Institutional Investors Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STNG. Marex Group plc bought a new position in Scorpio Tankers during the 2nd quarter valued at $901,000. Federated Hermes Inc. grew its holdings in Scorpio Tankers by 234.1% during the 3rd quarter. Federated Hermes Inc. now owns 38,524 shares of the shipping company’s stock worth $2,159,000 after acquiring an additional 26,994 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Scorpio Tankers by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,944,875 shares of the shipping company’s stock worth $165,064,000 after purchasing an additional 7,868 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Scorpio Tankers by 7.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,249,834 shares of the shipping company’s stock valued at $70,053,000 after purchasing an additional 83,294 shares in the last quarter. Finally, Moody Aldrich Partners LLC raised its stake in shares of Scorpio Tankers by 84.5% in the 3rd quarter. Moody Aldrich Partners LLC now owns 120,862 shares of the shipping company’s stock valued at $6,774,000 after purchasing an additional 55,360 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

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.