Zacks Investment Research Upgrades Scorpio Tankers (NYSE:STNG) to Buy

Scorpio Tankers (NYSE:STNG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The firm currently has a $15.00 price objective on the shipping company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 15.30% from the stock’s current price.

According to Zacks, “Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. The Company’s initial fleet consists of three modern panamax tankers. Its vessels carry petroleum products and crude oil for integrated oil companies, oil traders, and other customers. Scorpio Tankers Inc. is headquartered in Monaco, Scorpio. “

A number of other research firms have also recently commented on STNG. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Scorpio Tankers in a research note on Friday, November 12th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Scorpio Tankers from $13.00 to $10.50 and set a “sell” rating for the company in a report on Friday, December 3rd. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $21.72.

NYSE:STNG opened at $13.01 on Thursday. Scorpio Tankers has a 1-year low of $11.36 and a 1-year high of $24.67. The firm’s 50-day moving average price is $13.90 and its 200-day moving average price is $16.01. The company has a market capitalization of $759.39 million, a PE ratio of -2.67 and a beta of 0.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.50 and a quick ratio of 0.48.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Thursday, November 11th. The shipping company reported ($1.39) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.31) by ($0.08). The company had revenue of $118.61 million for the quarter, compared to the consensus estimate of $124.86 million. Scorpio Tankers had a negative net margin of 49.84% and a negative return on equity of 12.18%. During the same quarter in the prior year, the company posted ($0.37) EPS. Equities analysts anticipate that Scorpio Tankers will post -4 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. SOA Wealth Advisors LLC. purchased a new stake in shares of Scorpio Tankers during the third quarter worth approximately $29,000. Black Maple Capital Management LP increased its position in shares of Scorpio Tankers by 20.2% during the third quarter. Black Maple Capital Management LP now owns 12,020 shares of the shipping company’s stock worth $223,000 after purchasing an additional 2,020 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Scorpio Tankers by 3.6% during the second quarter. Parametric Portfolio Associates LLC now owns 66,549 shares of the shipping company’s stock worth $1,467,000 after purchasing an additional 2,333 shares in the last quarter. Boston Partners increased its position in shares of Scorpio Tankers by 6.2% during the second quarter. Boston Partners now owns 55,068 shares of the shipping company’s stock worth $1,215,000 after purchasing an additional 3,198 shares in the last quarter. Finally, Wilen Investment Management CORP. purchased a new stake in shares of Scorpio Tankers during the third quarter worth approximately $61,000. 43.63% of the stock is owned by institutional investors and hedge funds.

Scorpio Tankers Company Profile

Scorpio Tankers, Inc engages in the provision of marine transportation of petroleum products. It operates through the following segments: Handymax, MR, LR1/Panamax, and LR2/Aframax. The company was founded by Emanuele A. Lauro on July 1, 2009 and is headquartered in Monaco.

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