Credit Suisse Group AG Reiterates Buy Rating for Scorpio Tankers Inc. (STNG)
Scorpio Tankers Inc. (NASDAQ:STNG)‘s stock had its “buy” rating reissued by research analysts at Credit Suisse Group AG in a research report issued to clients and investors on Monday. They currently have a $7.00 price target on the stock. Credit Suisse Group AG’s price target would suggest a potential upside of 60.55% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Deutsche Bank AG set a $9.00 target price on shares of Scorpio Tankers and gave the company a “buy” rating in a research note on Monday, August 1st. Jefferies Group set a $7.00 target price on shares of 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 issued a $4.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Zacks Investment Research upgraded shares of Scorpio Tankers from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd. Finally, Clarkson Capital lowered shares of Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Scorpio Tankers has a consensus rating of “Hold” and an average price target of $6.88.
Shares of Scorpio Tankers (NASDAQ:STNG) opened at 4.36 on Monday. The firm has a 50-day moving average price of $4.78 and a 200-day moving average price of $5.18. The stock has a market cap of $703.62 million and a price-to-earnings ratio of 5.00. Scorpio Tankers has a one year low of $4.05 and a one year high of $9.76.
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Scorpio Tankers (NASDAQ:STNG) last issued its earnings results on Thursday, July 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by $0.03. The firm had revenue of $137.21 million for the quarter, compared to analyst estimates of $146.20 million. The business’s quarterly revenue was down 27.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. Analysts anticipate that Scorpio Tankers will post $0.30 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were paid a dividend of $0.125 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.50 annualized dividend and a yield of 11.47%.
Large investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Scorpio Tankers by 151.0% in the second quarter. FMR LLC now owns 7,555,147 shares of the company’s stock valued at $31,732,000 after buying an additional 4,545,067 shares during the period. Carlson Capital L P acquired a new stake in Scorpio Tankers during the second quarter valued at $16,968,000. Visium Asset Management LP acquired a new stake in Scorpio Tankers during the second quarter valued at $7,410,000. Vanguard Group Inc. raised its stake in Scorpio Tankers by 15.6% in the second quarter. Vanguard Group Inc. now owns 6,258,979 shares of the company’s stock valued at $26,288,000 after buying an additional 844,186 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in Scorpio Tankers during the second quarter valued at $3,112,000.
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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