Morgan Stanley Forecasts Strong Price Appreciation for Scorpio Tankers (NYSE:STNG) Stock

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

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 14th. Zacks Research downgraded Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of Scorpio Tankers in a research report on Monday, September 14th. Bank of America reaffirmed an “underperform” rating on shares of Scorpio Tankers in a research report on Tuesday, September 8th. Finally, Evercore reaffirmed an “outperform” rating and set a $94.00 target price on shares of Scorpio Tankers in a research note on Wednesday, July 22nd. 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 stock. According to MarketBeat.com, Scorpio Tankers presently has an average rating of “Hold” and a consensus target price of $92.14.

Scorpio Tankers Price Performance

Scorpio Tankers stock traded up $0.44 during mid-day trading on Tuesday, reaching $87.93. 323,140 shares of the company were exchanged, compared to its average volume of 1,038,738. The company has a debt-to-equity ratio of 0.14, a current ratio of 6.93 and a quick ratio of 6.89. Scorpio Tankers has a 12 month low of $48.93 and a 12 month high of $90.06. The firm has a market cap of $4.43 billion, a PE ratio of 5.49 and a beta of -0.17. The company has a fifty day simple moving average of $81.43 and a 200-day simple moving average of $78.93.

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

Insider Buying and Selling

In other Scorpio Tankers news, insider Auste Adelborg sold 6,834 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $89.64, for a total value of $612,599.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Robert Bugbee sold 231,799 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $86.19, for a total transaction of $19,978,755.81. Following the completion of the transaction, the president owned 665,288 shares in the company, valued at approximately $57,341,172.72. This trade represents a 25.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 420,133 shares of company stock worth $36,611,311 in the last 90 days. 7.34% of the stock is owned by company insiders.

Institutional Trading of Scorpio Tankers

A number of institutional investors have recently modified their holdings of the company. NorthCrest Asset Manangement LLC boosted its holdings in Scorpio Tankers by 9.5% in the third quarter. NorthCrest Asset Manangement LLC now owns 3,014 shares of the shipping company’s stock valued at $266,000 after acquiring an additional 261 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Scorpio Tankers by 14.8% in the third quarter. GAMMA Investing LLC now owns 1,427 shares of the shipping company’s stock worth $119,000 after acquiring an additional 184 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Scorpio Tankers by 35.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 579 shares of the shipping company’s stock worth $48,000 after purchasing an additional 150 shares in the last quarter. WINTON GROUP Ltd purchased a new position in Scorpio Tankers in the 2nd quarter worth approximately $478,000. Finally, Allworth Financial LP raised its stake in shares of Scorpio Tankers by 4.9% in the second quarter. Allworth Financial LP now owns 12,097 shares of the shipping company’s stock worth $838,000 after purchasing an additional 568 shares during 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 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.