Scorpio Tankers (NYSE:STNG) Price Target Cut to $71.00 by Analysts at Bank of America

Scorpio Tankers (NYSE:STNG) had its price target cut by equities research analysts at Bank of America from $73.00 to $71.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the shipping company’s stock. Bank of America‘s price objective points to a potential upside of 9.08% from the stock’s previous close.

A number of other research firms have also recently commented on STNG. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Stifel Nicolaus increased their target price on Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a research note on Tuesday, July 30th. Evercore ISI lifted their price objective on Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $86.60.

Scorpio Tankers Stock Down 2.2 %

STNG traded down $1.47 during trading on Tuesday, reaching $65.09. The stock had a trading volume of 314,928 shares, compared to its average volume of 902,337. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 5.12, a P/E/G ratio of 1.87 and a beta of 0.15. The stock’s 50 day moving average is $70.22 and its two-hundred day moving average is $74.44. Scorpio Tankers has a one year low of $52.68 and a one year high of $84.67.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.08. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The company had revenue of $380.70 million for the quarter, compared to the consensus estimate of $368.62 million. During the same quarter in the prior year, the business posted $2.41 EPS. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts expect that Scorpio Tankers will post 12.43 earnings per share for the current year.

Institutional Investors Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management lifted its position in shares of Scorpio Tankers by 8.5% during the 2nd quarter. LSV Asset Management now owns 1,995,599 shares of the shipping company’s stock valued at $162,222,000 after buying an additional 156,414 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Scorpio Tankers by 5.0% during the second quarter. Renaissance Technologies LLC now owns 1,313,815 shares of the shipping company’s stock valued at $106,800,000 after purchasing an additional 62,600 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Scorpio Tankers by 20.3% in the second quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock worth $96,391,000 after purchasing an additional 199,858 shares during the period. Vanguard Group Inc. increased its stake in shares of Scorpio Tankers by 176.6% in the first quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock worth $61,574,000 after purchasing an additional 549,395 shares in the last quarter. Finally, Hartree Partners LP increased its stake in shares of Scorpio Tankers by 634.5% in the first quarter. Hartree Partners LP now owns 521,498 shares of the shipping company’s stock worth $37,313,000 after purchasing an additional 450,498 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.