Bank of America Cuts Scorpio Tankers (NYSE:STNG) Price Target to $82.00

Scorpio Tankers (NYSE:STNG) had its price objective reduced by Bank of America from $85.00 to $82.00 in a research note issued to investors on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the shipping company’s stock.

STNG has been the topic of a number of other reports. Jefferies Financial Group reaffirmed a buy rating and set a $90.00 price objective on shares of Scorpio Tankers in a research report on Thursday, May 9th. StockNews.com raised shares of Scorpio Tankers from a hold rating to a buy rating in a research report on Friday, May 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $84.17.

Scorpio Tankers Stock Performance

Scorpio Tankers stock opened at $72.69 on Tuesday. The firm’s 50 day simple moving average is $79.70 and its 200-day simple moving average is $73.17. The company has a market cap of $3.97 billion, a P/E ratio of 6.81, a price-to-earnings-growth ratio of 1.15 and a beta of 0.16. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.60 and a quick ratio of 1.58. Scorpio Tankers has a fifty-two week low of $42.92 and a fifty-two week high of $84.67.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Thursday, May 9th. The shipping company reported $3.97 earnings per share for the quarter, topping the consensus estimate of $3.72 by $0.25. Scorpio Tankers had a net margin of 42.12% and a return on equity of 22.84%. The business had revenue of $389.76 million for the quarter, compared to the consensus estimate of $381.46 million. As a group, equities research analysts predict that Scorpio Tankers will post 13.18 EPS for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 14th. Scorpio Tankers’s dividend payout ratio is 14.84%.

Institutional Trading of Scorpio Tankers

Several large investors have recently added to or reduced their stakes in STNG. Allspring Global Investments Holdings LLC lifted its stake in shares of Scorpio Tankers by 222.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 28,339 shares of the shipping company’s stock worth $2,304,000 after buying an additional 19,562 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Scorpio Tankers by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 185,204 shares of the shipping company’s stock worth $15,055,000 after buying an additional 7,560 shares during the last quarter. Fifth Third Bancorp lifted its stake 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 last quarter. Summit Global Investments lifted its stake in shares of Scorpio Tankers by 244.9% in the second quarter. Summit Global Investments now owns 15,203 shares of the shipping company’s stock worth $1,236,000 after buying an additional 10,795 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Scorpio Tankers by 5,228.3% in the second quarter. Nisa Investment Advisors LLC now owns 74,436 shares of the shipping company’s stock worth $6,051,000 after buying an additional 73,039 shares during the last quarter. 54.64% of the stock is 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.