Scorpio Tankers (STNG) Price Target Cut to $3.50 by Analysts at Morgan Stanley

Scorpio Tankers (NYSE:STNG) had its price objective decreased by equities researchers at Morgan Stanley from $5.00 to $3.50 in a report issued on Monday. The firm presently has an “overweight” rating on the shipping company’s stock. Morgan Stanley’s target price indicates a potential upside of 48.94% from the stock’s previous close.

Other research analysts have also issued research reports about the company. UBS Group upgraded Scorpio Tankers from a “neutral” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Monday, November 13th. Jefferies Group assumed coverage on Scorpio Tankers in a report on Monday, December 18th. They issued a “buy” rating and a $5.00 price objective on the stock. ValuEngine lowered Scorpio Tankers from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Stifel Nicolaus set a $5.00 price objective on Scorpio Tankers and gave the company a “buy” rating in a report on Wednesday, January 24th. Finally, Zacks Investment Research upgraded Scorpio Tankers from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Three analysts have rated the stock with a sell rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $6.00.

Scorpio Tankers (NYSE:STNG) traded up $0.09 on Monday, hitting $2.35. 567,327 shares of the stock traded hands, compared to its average volume of 4,351,522. Scorpio Tankers has a 12-month low of $2.24 and a 12-month high of $4.79. The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $703.08, a P/E ratio of -2.97 and a beta of 1.28.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Thursday, November 16th. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.04). Scorpio Tankers had a negative net margin of 31.12% and a negative return on equity of 6.47%. The company had revenue of $123.20 million for the quarter, compared to analyst estimates of $129.54 million. During the same quarter last year, the company earned ($0.11) EPS. The business’s revenue was up 7.8% compared to the same quarter last year. research analysts expect that Scorpio Tankers will post -0.4 EPS for the current fiscal year.

Several large investors have recently modified their holdings of STNG. Bank of New York Mellon Corp increased its position in shares of Scorpio Tankers by 232.0% during the 4th quarter. Bank of New York Mellon Corp now owns 16,105,736 shares of the shipping company’s stock worth $49,123,000 after purchasing an additional 11,255,133 shares during the last quarter. Monarch Alternative Capital LP acquired a new position in Scorpio Tankers in the 3rd quarter valued at about $32,371,000. Lasry Marc acquired a new position in Scorpio Tankers in the 3rd quarter valued at about $19,205,000. FMR LLC grew its position in Scorpio Tankers by 160.9% in the 2nd quarter. FMR LLC now owns 7,483,484 shares of the shipping company’s stock valued at $29,710,000 after acquiring an additional 4,615,440 shares in the last quarter. Finally, Blackstone Group L.P. acquired a new position in Scorpio Tankers in the 3rd quarter valued at about $14,310,000. 60.00% of the stock is owned by hedge funds and other institutional investors.

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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, LR1/Panamax and LR2. As of March 15, 2017, the Company’s fleet consisted of 78 owned tankers (22 LR2, 14 Handymax and 42 MR) with a weighted average age of approximately 2.3 years, and 19 time or bareboat chartered-in tankers, which it operated (one LR2, one LR1, eight MR and nine Handymax) (collectively referred to as its Operating Fleet).

Analyst Recommendations for Scorpio Tankers (NYSE:STNG)

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