Evercore ISI Cuts Scorpio Tankers (NYSE:STNG) Price Target to $80.00

Scorpio Tankers (NYSE:STNG) had its price target trimmed by Evercore ISI from $84.00 to $80.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the shipping company’s stock.

STNG has been the subject of a number of other research reports. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a research report on Tuesday, October 29th. Bank of America reduced their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. StockNews.com downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $78.40.

Scorpio Tankers Trading Up 0.2 %

Shares of Scorpio Tankers stock opened at $58.39 on Wednesday. The firm has a 50-day simple moving average of $68.11 and a two-hundred day simple moving average of $73.77. The company has a market cap of $2.95 billion, a P/E ratio of 4.19 and a beta of 0.18. Scorpio Tankers has a fifty-two week low of $52.68 and a fifty-two week high of $84.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.63 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The business had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The company’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.91 earnings per share. As a group, equities analysts predict that Scorpio Tankers will post 11.13 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.60 annualized dividend and a yield of 2.74%. Scorpio Tankers’s dividend payout ratio is presently 11.47%.

Institutional Trading of Scorpio Tankers

Several large investors have recently bought and sold shares of the business. Truist Financial Corp grew its stake in Scorpio Tankers by 1.4% during the 2nd quarter. Truist Financial Corp now owns 10,933 shares of the shipping company’s stock valued at $889,000 after acquiring an additional 149 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 177 shares in the last quarter. Quarry LP grew its stake in Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 229 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 291 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Scorpio Tankers by 319.0% during the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after acquiring an additional 319 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, 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.