Scorpio Tankers (NYSE:STNG) Given New $71.00 Price Target at Bank of America

Scorpio Tankers (NYSE:STNG) had its price objective reduced by Bank of America from $73.00 to $71.00 in a report issued on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the shipping company’s stock.

Other research analysts have also recently issued research 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 lifted their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Stifel Nicolaus upped their target price 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. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Scorpio Tankers presently has a consensus rating of “Hold” and a consensus target price of $82.40.

Scorpio Tankers Stock Performance

STNG opened at $62.02 on Tuesday. Scorpio Tankers has a 1-year low of $52.68 and a 1-year high of $84.67. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 5.75, a PEG ratio of 1.81 and a beta of 0.15. The company’s fifty day moving average price is $69.32 and its two-hundred day moving average price is $74.15. 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 posted its earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.08. The company had revenue of $380.70 million for the quarter, compared to analyst estimates of $368.62 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.41 EPS. On average, analysts expect that Scorpio Tankers will post 12.43 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Thursday, August 15th. Scorpio Tankers’s dividend payout ratio is currently 14.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Truist Financial Corp lifted its holdings in Scorpio Tankers by 1.4% during the second quarter. Truist Financial Corp now owns 10,933 shares of the shipping company’s stock valued at $889,000 after purchasing an additional 149 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its stake in shares of Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after buying an additional 177 shares in the last quarter. Quarry LP boosted its holdings in Scorpio Tankers by 52.8% in the 2nd 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. AlphaMark Advisors LLC grew its stake in Scorpio Tankers by 5.9% in the 1st quarter. AlphaMark Advisors LLC now owns 5,008 shares of the shipping company’s stock valued at $358,000 after buying an additional 281 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 291 shares during the period. 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.