Bank of America Issues Positive Forecast for Scorpio Tankers (NYSE:STNG) Stock Price

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

A number of other equities research analysts have also recently commented on STNG. B. Riley Financial reissued a “buy” rating on shares of Scorpio Tankers in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a report on Monday, December 29th. Dnb Carnegie lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. Moffett Nathanson raised shares of Scorpio Tankers to a “neutral” rating in a research note on Monday, January 12th. Finally, BTIG Research upped their target price on Scorpio Tankers from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Scorpio Tankers Trading Down 2.7%

Shares of Scorpio Tankers stock opened at $73.63 on Tuesday. The company has a 50-day moving average of $69.48 and a two-hundred day moving average of $61.38. Scorpio Tankers has a 12-month low of $30.63 and a 12-month high of $81.85. The company has a current ratio of 9.33, a quick ratio of 9.23 and a debt-to-equity ratio of 0.19. The stock has a market cap of $3.81 billion, a PE ratio of 10.42 and a beta of -0.31.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Friday, February 13th. The shipping company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.37 by $0.25. Scorpio Tankers had a return on equity of 8.85% and a net margin of 36.70%.The business had revenue of $252.65 million for the quarter, compared to analyst estimates of $238.93 million. During the same quarter in the previous year, the company earned $0.63 EPS. The company’s quarterly revenue was up 23.8% on a year-over-year basis. On average, research analysts anticipate that Scorpio Tankers will post 5.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. raised its stake in Scorpio Tankers by 110.3% during the third quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock worth $26,000 after purchasing an additional 246 shares during the period. Global Retirement Partners LLC grew its stake in shares of Scorpio Tankers by 1,645.2% during the 4th quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock valued at $27,000 after buying an additional 510 shares during the period. Clearstead Advisors LLC increased its holdings in shares of Scorpio Tankers by 67.9% during the 3rd quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock worth $28,000 after buying an additional 205 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Scorpio Tankers during the 4th quarter worth $29,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Scorpio Tankers by 154.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock worth $33,000 after buying an additional 392 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

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.