Scorpio Tankers (NYSE:STNG) PT Lowered to $71.00

Scorpio Tankers (NYSE:STNG) had its price objective reduced by equities research analysts at Bank of America from $73.00 to $71.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the shipping company’s stock. Bank of America‘s price target points to a potential upside of 15.30% from the company’s current price.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday, July 30th. Stifel Nicolaus lifted their price target on shares of Scorpio Tankers from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Evercore ISI upped their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $82.40.

Scorpio Tankers Price Performance

Scorpio Tankers stock opened at $61.58 on Tuesday. The firm has a fifty day moving average of $69.81 and a 200-day moving average of $74.30. Scorpio Tankers has a 52-week low of $52.68 and a 52-week high of $84.67. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $3.27 billion, a P/E ratio of 4.84, a PEG ratio of 1.87 and a beta of 0.15.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.08. The firm had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.41 EPS. As a group, analysts predict that Scorpio Tankers will post 12.43 EPS for the current year.

Institutional Investors Weigh In On Scorpio Tankers

A number of institutional investors have recently modified their holdings of STNG. LSV Asset Management increased its holdings in Scorpio Tankers by 8.5% in the second quarter. LSV Asset Management now owns 1,995,599 shares of the shipping company’s stock valued at $162,222,000 after buying an additional 156,414 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Scorpio Tankers by 8,249.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock worth $134,057,000 after acquiring an additional 1,857,668 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Scorpio Tankers by 5.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,313,815 shares of the shipping company’s stock worth $106,800,000 after acquiring an additional 62,600 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Scorpio Tankers by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock valued at $96,391,000 after acquiring an additional 199,858 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Scorpio Tankers by 176.6% during the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock valued at $61,574,000 after acquiring an additional 549,395 shares in the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

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.