Evercore ISI Cuts Scorpio Tankers (NYSE:STNG) Price Target to $57.00

Scorpio Tankers (NYSE:STNG) had its target price cut by equities researchers at Evercore ISI from $60.00 to $57.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the shipping company’s stock. Evercore ISI’s target price indicates a potential upside of 43.29% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Stifel Nicolaus dropped their target price on Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a report on Friday, February 14th. Jefferies Financial Group reaffirmed a “buy” rating and set a $65.00 target price on shares of Scorpio Tankers in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Scorpio Tankers presently has a consensus rating of “Hold” and a consensus target price of $60.50.

Scorpio Tankers Price Performance

STNG stock opened at $39.78 on Friday. Scorpio Tankers has a 52 week low of $30.63 and a 52 week high of $84.67. The firm has a market capitalization of $2.03 billion, a P/E ratio of 3.05 and a beta of -0.12. The company has a fifty day simple moving average of $37.39 and a two-hundred day simple moving average of $46.58. The company has a quick ratio of 2.39, a current ratio of 2.43 and a debt-to-equity ratio of 0.25.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. The firm had revenue of $204.20 million during the quarter, compared to the consensus estimate of $205.89 million. During the same quarter last year, the firm earned $3.97 EPS. The firm’s revenue for the quarter was down 45.3% compared to the same quarter last year. Analysts anticipate that Scorpio Tankers will post 5.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in STNG. Signaturefd LLC grew its position in shares of Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock worth $29,000 after buying an additional 372 shares during the last quarter. GAMMA Investing LLC lifted its position in Scorpio Tankers by 204.1% during the 4th quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock worth $30,000 after acquiring an additional 402 shares during the period. Lindbrook Capital LLC grew its stake in Scorpio Tankers by 75.8% during the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 263 shares during the last quarter. Covestor Ltd increased its holdings in shares of Scorpio Tankers by 1,375.0% in the fourth quarter. Covestor Ltd now owns 826 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 770 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Scorpio Tankers by 40.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after purchasing an additional 266 shares during the last quarter. 54.64% of the stock is owned by institutional investors.

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.