Evercore ISI Cuts Scorpio Tankers (NYSE:STNG) Price Target to $60.00

Scorpio Tankers (NYSE:STNG - Free Report) had its price target cut by Evercore ISI from $64.00 to $60.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the shipping company's stock.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group restated a "buy" rating and set a $75.00 price objective on shares of Scorpio Tankers in a research note on Thursday, February 13th. Stifel Nicolaus dropped their price target on shares of Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating on the stock in a research report on Friday, February 14th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $63.75.

Scorpio Tankers Stock Performance

NYSE:STNG traded up $1.35 during mid-day trading on Tuesday, hitting $37.34. The stock had a trading volume of 933,421 shares, compared to its average volume of 889,073. The company has a current ratio of 2.43, a quick ratio of 2.39 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $37.91 and a 200-day simple moving average of $48.06. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 2.86 and a beta of -0.01. Scorpio Tankers has a 52 week low of $30.63 and a 52 week high of $84.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. On average, research analysts expect that Scorpio Tankers will post 5.29 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, March 21st. Shareholders of record on Friday, March 7th were given a $0.40 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.60 annualized dividend and a yield of 4.28%. Scorpio Tankers's dividend payout ratio (DPR) is 12.27%.

Institutional Investors Weigh In On Scorpio Tankers

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its position in shares of Scorpio Tankers by 24.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,114 shares of the shipping company's stock valued at $576,000 after purchasing an additional 2,971 shares during the period. U S Global Investors Inc. increased its position in shares of Scorpio Tankers by 36.4% in the first quarter. U S Global Investors Inc. now owns 6,943 shares of the shipping company's stock worth $261,000 after acquiring an additional 1,851 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Scorpio Tankers by 40.2% in the first quarter. International Assets Investment Management LLC now owns 47,980 shares of the shipping company's stock worth $1,803,000 after acquiring an additional 13,750 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Scorpio Tankers during the first quarter valued at approximately $1,006,000. Finally, Rhumbline Advisers lifted its position in shares of Scorpio Tankers by 10.7% in the 1st quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company's stock valued at $3,163,000 after acquiring an additional 8,170 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.