Bank of America Issues Pessimistic Forecast for Scorpio Tankers (NYSE:STNG) Stock Price

Scorpio Tankers (NYSE:STNG) had its price objective decreased by equities researchers at Bank of America from $73.00 to $67.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Bank of America‘s price objective would indicate a potential upside of 18.76% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Evercore ISI set a $80.00 target price on shares of Scorpio Tankers and gave the company an “outperform” rating in a research note on Monday, November 3rd. B. Riley restated a “buy” rating and issued a $80.00 price target (up previously from $75.00) on shares of Scorpio Tankers in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Scorpio Tankers in a research report on Tuesday, November 25th. Zacks Research downgraded Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $70.00 target price on shares of Scorpio Tankers in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.20.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock opened at $56.42 on Monday. The company has a current ratio of 4.81, a quick ratio of 4.75 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $2.88 billion, a P/E ratio of 9.55 and a beta of -0.30. The business has a fifty day simple moving average of $58.85 and a two-hundred day simple moving average of $50.53. Scorpio Tankers has a 12 month low of $30.63 and a 12 month high of $65.52.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The firm had revenue of $232.92 million for the quarter, compared to the consensus estimate of $228.09 million. Scorpio Tankers had a net margin of 32.01% and a return on equity of 7.42%. The company’s revenue was down 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.75 EPS. On average, equities analysts forecast that Scorpio Tankers will post 5.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Scorpio Tankers

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC increased its stake in shares of Scorpio Tankers by 47.0% in the 1st quarter. Empowered Funds LLC now owns 166,282 shares of the shipping company’s stock worth $6,249,000 after purchasing an additional 53,153 shares in the last quarter. Rhumbline Advisers lifted its position in Scorpio Tankers by 10.7% during the first quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company’s stock valued at $3,163,000 after purchasing an additional 8,170 shares in the last quarter. AQR Capital Management LLC grew its holdings in Scorpio Tankers by 55.1% during the first quarter. AQR Capital Management LLC now owns 334,858 shares of the shipping company’s stock valued at $12,584,000 after purchasing an additional 119,000 shares during the period. CWM LLC grew its stake in shares of Scorpio Tankers by 478.0% during the 2nd quarter. CWM LLC now owns 28,661 shares of the shipping company’s stock valued at $1,122,000 after acquiring an additional 23,702 shares during the period. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Scorpio Tankers in the 2nd quarter worth approximately $532,000. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

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.