Stifel Nicolaus Cuts Scorpio Tankers (NYSE:STNG) Price Target to $49.00

Scorpio Tankers (NYSE:STNG) had its price target cut by Stifel Nicolaus from $51.00 to $49.00 in a research note released on Friday,Benzinga reports. They currently have a hold rating on the shipping company’s stock.

Several other research firms also recently commented on STNG. Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price objective on shares of Scorpio Tankers in a report on Thursday. Evercore ISI dropped their price objective on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Bank of America dropped their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $68.75.

Scorpio Tankers Price Performance

Shares of NYSE:STNG opened at $44.13 on Friday. The company’s 50-day moving average is $49.33 and its 200 day moving average is $59.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The company has a market capitalization of $2.23 billion, a P/E ratio of 3.16 and a beta of 0.08. Scorpio Tankers has a fifty-two week low of $43.32 and a fifty-two week high of $84.67.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. On average, equities research analysts forecast that Scorpio Tankers will post 9.88 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, March 7th. Scorpio Tankers’s payout ratio is 11.47%.

Institutional Investors Weigh In On Scorpio Tankers

Institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its holdings in shares of Scorpio Tankers by 882.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock worth $10,020,000 after buying an additional 181,135 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Scorpio Tankers in the third quarter worth about $8,459,000. Mountaineer Partners Management LLC lifted its holdings in shares of Scorpio Tankers by 6,926.8% in the third quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock worth $596,912,000 after buying an additional 8,252,691 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Scorpio Tankers by 5.3% in the third quarter. Geode Capital Management LLC now owns 768,129 shares of the shipping company’s stock worth $54,768,000 after buying an additional 38,599 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Scorpio Tankers by 873.6% in the third quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock worth $13,418,000 after purchasing an additional 168,866 shares during the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

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.