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

Scorpio Tankers (NYSE:STNG - Get Free Report) had its price objective decreased by analysts at Bank of America from $73.00 to $71.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the shipping company's stock. Bank of America's price objective suggests a potential upside of 9.64% from the company's previous close.

A number of other analysts have also recently weighed in on the stock. StockNews.com cut shares of Scorpio Tankers from a "buy" rating to a "hold" rating in a research note on Friday, August 16th. Jefferies Financial Group restated a "buy" rating and issued a $90.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, July 30th. Fearnley Fonds upgraded shares of Scorpio Tankers to a "hold" rating in a research note on Friday, September 27th. Stifel Nicolaus boosted their price objective 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. Finally, Evercore ISI boosted their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $86.60.

Scorpio Tankers Stock Down 2.7 %

STNG stock traded down $1.80 during trading hours on Tuesday, hitting $64.76. The company's stock had a trading volume of 672,300 shares, compared to its average volume of 904,089. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.44 billion, a PE ratio of 5.09, a price-to-earnings-growth ratio of 1.87 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 stock has a 50 day moving average price of $70.22 and a two-hundred day moving average price of $74.44.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its earnings results on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.52 by $0.08. The company 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 company's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.41 earnings per share. On average, equities research analysts expect that Scorpio Tankers will post 12.43 earnings per share for the current year.

Institutional Investors Weigh In On Scorpio Tankers

Several large investors have recently made changes to their positions in STNG. EverSource Wealth Advisors LLC lifted its position 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 purchasing an additional 291 shares during the period. Fifth Third Bancorp grew 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 valued at $34,000 after buying an additional 319 shares in the last quarter. Quarry LP grew its stake in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company's stock valued at $54,000 after buying an additional 229 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Scorpio Tankers by 34.2% in the second 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. Finally, Fidelis Capital Partners LLC acquired a new stake in Scorpio Tankers during the 1st quarter valued at $58,000. Institutional investors 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.