Bank of America Raises Scorpio Tankers (NYSE:STNG) Price Target to $72.00

Scorpio Tankers (NYSE:STNG) had its target price upped by analysts at Bank of America from $70.00 to $72.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “underperform” rating on the shipping company’s stock. Bank of America‘s price target indicates a potential downside of 2.92% from the stock’s current price.

Several other brokerages also recently commented on STNG. BTIG Research raised their target price on shares of Scorpio Tankers from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Dnb Carnegie downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. Moffett Nathanson upgraded shares of Scorpio Tankers to a “neutral” rating in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Scorpio Tankers in a research report on Friday, February 13th. Finally, Evercore reiterated an “outperform” rating and set a $83.00 target price on shares of Scorpio Tankers in a report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock opened at $74.17 on Tuesday. The stock’s fifty day simple moving average is $70.12 and its 200 day simple moving average is $61.58. The company has a current ratio of 9.33, a quick ratio of 9.23 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $3.84 billion, a PE ratio of 10.49 and a beta of -0.31. Scorpio Tankers has a 12 month low of $30.63 and a 12 month high of $81.85.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Friday, February 13th. The shipping company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.25. The firm had revenue of $252.65 million during the quarter, compared to analysts’ expectations of $238.93 million. Scorpio Tankers had a return on equity of 8.85% and a net margin of 36.70%.The company’s revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. On average, research analysts predict that Scorpio Tankers will post 5.29 EPS for the current year.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds have recently modified their holdings of STNG. SBI Securities Co. Ltd. boosted its position in Scorpio Tankers by 110.3% during the third quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 246 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Scorpio Tankers by 1,645.2% in the 4th quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock valued at $27,000 after buying an additional 510 shares during the last quarter. Clearstead Advisors LLC grew its stake in shares of Scorpio Tankers by 67.9% in the third quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock valued at $28,000 after buying an additional 205 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Scorpio Tankers in the fourth quarter valued at $29,000. Finally, Smartleaf Asset Management LLC increased its holdings in Scorpio Tankers by 154.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock worth $33,000 after buying an additional 392 shares during the last quarter. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.