Scorpio Tankers (NYSE:STNG) Given New $66.00 Price Target at Bank of America

Scorpio Tankers (NYSE:STNG) had its price target increased by Bank of America from $60.00 to $66.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the shipping company’s stock.

A number of other brokerages also recently issued reports on STNG. Zacks Research upgraded Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 12th. Jefferies Financial Group boosted their price objective on Scorpio Tankers from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $60.50.

Scorpio Tankers Trading Down 0.4%

Shares of NYSE:STNG opened at $56.33 on Tuesday. The stock has a 50 day moving average of $51.61 and a 200 day moving average of $43.88. The company has a market cap of $2.87 billion, a PE ratio of 7.67 and a beta of 0.01. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28. Scorpio Tankers has a 12-month low of $30.63 and a 12-month high of $74.67.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.38. The company had revenue of $222.76 million during the quarter, compared to the consensus estimate of $219.26 million. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The firm’s revenue was down 39.5% on a year-over-year basis. During the same period in the previous year, the company posted $3.60 EPS. As a group, equities research analysts expect that Scorpio Tankers will post 5.29 EPS for the current year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, August 13th. Scorpio Tankers’s dividend payout ratio is presently 21.80%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinnacle Holdings LLC bought a new position in Scorpio Tankers in the 1st quarter worth approximately $26,000. Signaturefd LLC boosted its position in shares of Scorpio Tankers by 95.6% during the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 372 shares during the last quarter. Spire Wealth Management boosted its position in shares of Scorpio Tankers by 77.1% during the 2nd quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 330 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Scorpio Tankers by 143.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company’s stock valued at $31,000 after acquiring an additional 460 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Scorpio Tankers by 206.1% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the shipping company’s stock valued at $33,000 after acquiring an additional 575 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors.

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.