Bank of America Trims Scorpio Tankers (NYSE:STNG) Target Price to $71.00

Scorpio Tankers (NYSE:STNG) had its price target lowered by equities research analysts at Bank of America from $73.00 to $71.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the shipping company’s stock. Bank of America‘s price target points to a potential upside of 15.30% from the company’s current price.

A number of other research analysts have also issued reports on the company. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a report on Tuesday, July 30th. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI boosted their price target on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their price target on shares of Scorpio Tankers from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Scorpio Tankers has a consensus rating of “Hold” and a consensus price target of $82.40.

Scorpio Tankers Stock Down 4.9 %

NYSE:STNG opened at $61.58 on Tuesday. 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 stock has a 50 day moving average of $69.81 and a 200-day moving average of $74.30. The firm has a market capitalization of $3.27 billion, a PE ratio of 4.84, a price-to-earnings-growth ratio of 1.87 and a beta of 0.15. Scorpio Tankers has a 52 week low of $52.68 and a 52 week high of $84.67.

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

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Scorpio Tankers by 970.0% during the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares during the last quarter. Fifth Third Bancorp increased its stake in Scorpio Tankers by 319.0% in the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after purchasing an additional 319 shares in the last quarter. Quarry LP raised its holdings in Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after buying an additional 229 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after buying an additional 177 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Scorpio Tankers in the first quarter worth about $58,000. 54.64% of the stock is owned by institutional investors and hedge funds.

About Scorpio Tankers

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.