Scorpio Tankers (NYSE:STNG) Raised to “Buy” at Bank of America

Scorpio Tankers (NYSE:STNG) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued on Thursday, Marketbeat reports. The firm currently has a $100.00 price objective on the shipping company’s stock, up from their prior price objective of $76.00. Bank of America‘s target price would indicate a potential upside of 18.55% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Evercore set a $96.00 price objective on shares of Scorpio Tankers in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $83.00 price objective on shares of Scorpio Tankers in a research note on Friday, February 13th. Zacks Research upgraded shares of Scorpio Tankers from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Dnb Carnegie cut Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 12th. Finally, Jefferies Financial Group started coverage on shares of Scorpio Tankers in a research report on Friday, April 24th. They issued a “buy” rating and a $90.00 price target on the stock. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Scorpio Tankers currently has a consensus rating of “Moderate Buy” and an average target price of $93.17.

Scorpio Tankers Stock Performance

Shares of STNG stock opened at $84.36 on Thursday. Scorpio Tankers has a one year low of $37.96 and a one year high of $87.39. The company has a debt-to-equity ratio of 0.16, a quick ratio of 9.23 and a current ratio of 13.98. The company has a 50 day moving average price of $75.54 and a 200 day moving average price of $65.12. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 8.29 and a beta of -0.24.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, May 5th. The shipping company reported $3.02 EPS for the quarter, topping the consensus estimate of $2.79 by $0.23. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The firm had revenue of $312.86 million during the quarter, compared to analyst estimates of $286.81 million. During the same quarter in the prior year, the business posted $1.03 earnings per share. Scorpio Tankers’s revenue for the quarter was up 46.2% compared to the same quarter last year. Sell-side analysts anticipate that Scorpio Tankers will post 11.44 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Scorpio Tankers by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock worth $233,544,000 after purchasing an additional 122,874 shares during the period. American Century Companies Inc. boosted its holdings in shares of Scorpio Tankers by 7.6% during the third quarter. American Century Companies Inc. now owns 1,913,729 shares of the shipping company’s stock worth $107,265,000 after purchasing an additional 135,123 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Scorpio Tankers by 7.1% during the third quarter. Victory Capital Management Inc. now owns 1,249,834 shares of the shipping company’s stock worth $70,053,000 after purchasing an additional 83,294 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Scorpio Tankers by 12.6% during the fourth quarter. Renaissance Technologies LLC now owns 1,223,015 shares of the shipping company’s stock worth $62,166,000 after purchasing an additional 137,000 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Scorpio Tankers by 7.6% during the first quarter. Assenagon Asset Management S.A. now owns 918,223 shares of the shipping company’s stock worth $68,555,000 after purchasing an additional 64,511 shares during the period. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Scorpio Tankers

Here are the key news stories impacting Scorpio Tankers this week:

• Positive Sentiment: Bank of America upgraded Scorpio Tankers to Buy and raised its price target to $100, citing expectations that tanker rates will remain elevated. Read More
• Positive Sentiment: BTIG increased its price target on Scorpio Tankers to $100, reinforcing a more bullish Wall Street outlook. Read More
• Positive Sentiment: Zacks said Scorpio Tankers is showing strong momentum characteristics and could continue higher as earnings estimates have been revised upward. Article Title
• Positive Sentiment: The stock was also added to Zacks’ Rank #1 Strong Buy momentum and income stock lists, which may attract additional investor interest. Article Title
• Neutral Sentiment: Scorpio Tankers announced a reopening of its 1.75% convertible notes due 2031, increasing the offering to $200 million from $150 million, while also planning to repurchase about 649,427 shares. The buyback could help offset dilution, but the new notes add leverage and potential future share issuance. Article Title

About Scorpio Tankers

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.