Scorpio Tankers (NYSE:STNG) Given New $80.00 Price Target at Evercore ISI

Scorpio Tankers (NYSE:STNG - Get Free Report) had its price target cut by equities research analysts at Evercore ISI from $84.00 to $80.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the shipping company's stock. Evercore ISI's target price indicates a potential upside of 37.79% from the stock's current price.

Several other brokerages also recently issued reports on STNG. Jefferies Financial Group reissued a "buy" rating and set a $90.00 target price on shares of Scorpio Tankers in a research note on Tuesday. Fearnley Fonds raised Scorpio Tankers to a "hold" rating in a research note on Friday, September 27th. Bank of America lowered their target price on Scorpio Tankers from $73.00 to $71.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 22nd. Stifel Nicolaus lowered shares of Scorpio Tankers from a "buy" rating to a "hold" rating and reduced their price target for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Scorpio Tankers from a "buy" rating to a "hold" rating in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $78.40.

Scorpio Tankers Price Performance

Shares of NYSE STNG traded down $1.26 during trading on Wednesday, hitting $58.06. The company had a trading volume of 1,372,387 shares, compared to its average volume of 917,934. Scorpio Tankers has a 52 week low of $52.68 and a 52 week high of $84.67. The business's 50-day moving average is $68.85 and its 200 day moving average is $74.06. The company has a market cap of $3.17 billion, a P/E ratio of 5.41 and a beta of 0.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.63 and a current ratio of 2.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.14. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The company had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. During the same period in the previous year, the firm earned $1.91 earnings per share. Scorpio Tankers's revenue for the quarter was down 8.0% compared to the same quarter last year. Equities research analysts predict that Scorpio Tankers will post 11.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Scorpio Tankers

Several institutional investors have recently bought and sold shares of STNG. Allspring Global Investments Holdings LLC grew its holdings in Scorpio Tankers by 320.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,777 shares of the shipping company's stock valued at $628,000 after purchasing an additional 6,690 shares during the last quarter. Norden Group LLC bought a new position in Scorpio Tankers in the 1st quarter worth $279,000. BNP Paribas Financial Markets lifted its position in Scorpio Tankers by 37.0% during the 1st quarter. BNP Paribas Financial Markets now owns 88,827 shares of the shipping company's stock worth $6,356,000 after acquiring an additional 23,975 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Scorpio Tankers during the first quarter valued at about $596,000. Finally, Capstone Investment Advisors LLC grew its position in shares of Scorpio Tankers by 126.9% in the first quarter. Capstone Investment Advisors LLC now owns 8,086 shares of the shipping company's stock valued at $579,000 after purchasing an additional 4,523 shares during the last quarter. 54.64% of the stock is currently 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.