Scorpio Tankers (NYSE:STNG) Price Target Lowered to $71.00 at Bank of America

Scorpio Tankers (NYSE:STNG) had its target price trimmed by Bank of America from $73.00 to $71.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the shipping company’s stock.

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

Scorpio Tankers Price Performance

STNG stock opened at $62.02 on Tuesday. The firm has a 50 day moving average of $69.32 and a 200-day moving average of $74.15. The firm has a market capitalization of $3.38 billion, a P/E ratio of 5.75, a price-to-earnings-growth ratio of 1.81 and a beta of 0.15. Scorpio Tankers has a 12 month low of $52.68 and a 12 month high of $84.67. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 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 net margin of 47.36% and a return on equity of 23.83%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the firm earned $2.41 EPS. As a group, sell-side analysts predict that Scorpio Tankers will post 12.43 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Thursday, August 15th. Scorpio Tankers’s dividend payout ratio (DPR) is presently 14.84%.

Institutional Investors Weigh In On Scorpio Tankers

Institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its position in Scorpio Tankers by 970.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after purchasing an additional 291 shares during the period. Fifth Third Bancorp increased its holdings in shares of Scorpio Tankers by 319.0% in the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after buying an additional 319 shares during the period. Quarry LP increased its holdings in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after buying an additional 229 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 177 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in Scorpio Tankers during the 1st quarter valued at about $58,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

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.