Scorpio Tankers (NYSE:STNG) Sees Large Volume Increase - Time to Buy?

Shares of Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) saw an uptick in trading volume on Tuesday . 1,052,671 shares traded hands during trading, an increase of 16% from the previous session's volume of 905,167 shares.The stock last traded at $58.93 and had previously closed at $60.95.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Jefferies Financial Group reiterated a "buy" rating and issued a $90.00 price target on shares of Scorpio Tankers in a research report on Tuesday. Bank of America dropped their price objective on Scorpio Tankers from $73.00 to $71.00 and set a "neutral" rating for the company in a research note on Tuesday, October 22nd. Fearnley Fonds upgraded shares of Scorpio Tankers to a "hold" rating in a report on Friday, September 27th. Stifel Nicolaus cut Scorpio Tankers from a "buy" rating to a "hold" rating and cut their price target for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Finally, Evercore ISI upped their price objective on Scorpio Tankers from $99.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Scorpio Tankers currently has a consensus rating of "Hold" and an average target price of $82.40.

Scorpio Tankers Trading Down 2.7 %

The stock has a fifty day moving average price of $69.09 and a 200 day moving average price of $74.14. The stock has a market cap of $3.24 billion, a PE ratio of 5.40 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, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.52 by $0.08. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The business had revenue of $380.70 million during the quarter, compared to analyst estimates of $368.62 million. During the same quarter in the previous year, the business earned $2.41 earnings per share. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. Equities analysts expect that Scorpio Tankers Inc. will post 11.46 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. LSV Asset Management increased its holdings in Scorpio Tankers by 8.5% during the 2nd quarter. LSV Asset Management now owns 1,995,599 shares of the shipping company's stock worth $162,222,000 after purchasing an additional 156,414 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Scorpio Tankers by 8,249.0% in the third quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company's stock valued at $134,057,000 after acquiring an additional 1,857,668 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Scorpio Tankers by 5.0% in the second quarter. Renaissance Technologies LLC now owns 1,313,815 shares of the shipping company's stock worth $106,800,000 after acquiring an additional 62,600 shares during the period. American Century Companies Inc. grew its holdings in Scorpio Tankers by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company's stock worth $96,391,000 after acquiring an additional 199,858 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Scorpio Tankers by 176.6% in the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company's stock valued at $61,574,000 after purchasing an additional 549,395 shares in the last quarter. 54.64% of the stock is currently owned by institutional investors.

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.