Scorpio Tankers Inc. (STNG) Downgraded to “Sell” at Zacks Investment Research
Scorpio Tankers Inc. (NASDAQ:STNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. The Company’s initial fleet consists of three modern panamax tankers. Its vessels carry petroleum products and crude oil for integrated oil companies, oil traders, and other customers. Scorpio Tankers Inc. is headquartered in Monaco, Scorpio. “
Other research analysts have also issued reports about the company. Deutsche Bank AG set a $9.00 price objective on Scorpio Tankers and gave the company a “buy” rating in a research report on Monday, August 1st. Jefferies Group set a $7.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley restated an “equal weight” rating and set a $4.50 target price (down from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Clarkson Capital downgraded Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. Finally, ABN Amro downgraded Scorpio Tankers from a “buy” rating to a “sell” rating in a research note on Thursday, June 30th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Scorpio Tankers has a consensus rating of “Hold” and a consensus target price of $6.83.
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Shares of Scorpio Tankers (NASDAQ:STNG) opened at 4.55 on Thursday. The firm’s 50-day moving average price is $4.81 and its 200 day moving average price is $5.20. Scorpio Tankers has a 1-year low of $4.05 and a 1-year high of $9.83. The stock has a market capitalization of $734.28 million and a P/E ratio of 5.22.
Scorpio Tankers (NASDAQ:STNG) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by $0.03. The business earned $137.21 million during the quarter, compared to the consensus estimate of $146.20 million. During the same quarter in the previous year, the business earned $0.32 earnings per share. Scorpio Tankers’s revenue for the quarter was down 27.2% compared to the same quarter last year. Analysts expect that Scorpio Tankers will post $0.30 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were paid a $0.125 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.50 dividend on an annualized basis and a yield of 10.99%.
Institutional investors have recently bought and sold shares of the company. IBM Retirement Fund purchased a new position in Scorpio Tankers during the second quarter worth approximately $108,000. Dynamic Technology Lab Private Ltd purchased a new position in Scorpio Tankers during the second quarter worth approximately $113,000. FDx Advisors Inc. increased its position in Scorpio Tankers by 49.9% in the second quarter. FDx Advisors Inc. now owns 30,344 shares of the company’s stock worth $127,000 after buying an additional 10,105 shares during the period. Commerzbank Aktiengesellschaft FI purchased a new position in Scorpio Tankers during the second quarter worth approximately $135,000. Finally, Putnam FL Investment Management Co. increased its position in Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock worth $142,000 after buying an additional 5,460 shares during the period.
About Scorpio Tankers
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, Panamax/LR1 and Aframax/LR2. The Company’s fleet consists of approximately 78 tankers (over 18 LR2 tankers, approximately 14 Handymax tankers and over 46 MR tankers) with a weighted average age of approximately 1.5 years, and approximately 11 time chartered-in tankers, which it operates (approximately three LR2 tankers, a LR1 tanker, over four MR tankers and approximately three Handymax tankers), which it refers to collectively as its Operating Fleet.
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