Bank of America Downgrades Scorpio Tankers (NYSE:STNG) to Underperform

Scorpio Tankers (NYSE:STNG) was downgraded by analysts at Bank of America from a “buy” rating to an “underperform” rating in a report released on Friday.

Other equities research analysts have also issued research reports about the stock. Evercore ISI set a $80.00 target price on shares of Scorpio Tankers and gave the stock an “outperform” rating in a report on Monday, November 3rd. Jefferies Financial Group restated a “buy” rating and set a $70.00 target price on shares of Scorpio Tankers in a research report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Scorpio Tankers in a report on Monday, December 29th. Zacks Research lowered Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Finally, B. Riley restated a “buy” rating and set a $80.00 price objective (up previously from $75.00) on shares of Scorpio Tankers in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.20.

Scorpio Tankers Stock Performance

Scorpio Tankers stock opened at $56.14 on Friday. The company’s 50-day moving average price is $56.29 and its 200-day moving average price is $52.54. The company has a quick ratio of 4.75, a current ratio of 4.81 and a debt-to-equity ratio of 0.25. Scorpio Tankers has a twelve month low of $30.63 and a twelve month high of $65.52. The company has a market cap of $2.86 billion, a PE ratio of 9.50 and a beta of -0.27.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Thursday, October 30th. The shipping company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. The business had revenue of $232.92 million during the quarter, compared to analyst estimates of $228.09 million. Scorpio Tankers had a return on equity of 7.42% and a net margin of 32.01%.The company’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period last year, the company earned $1.75 EPS. On average, equities research analysts forecast that Scorpio Tankers will post 5.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of STNG. Marex Group plc purchased a new stake in shares of Scorpio Tankers during the second quarter valued at about $901,000. Moody Aldrich Partners LLC raised its stake in shares of Scorpio Tankers by 84.5% during the 3rd quarter. Moody Aldrich Partners LLC now owns 120,862 shares of the shipping company’s stock worth $6,774,000 after acquiring an additional 55,360 shares in the last quarter. Rhumbline Advisers lifted its position in Scorpio Tankers by 10.7% during the first 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 during the last quarter. Allworth Financial LP lifted its position in Scorpio Tankers by 1,954.8% during the second quarter. Allworth Financial LP now owns 10,870 shares of the shipping company’s stock valued at $425,000 after acquiring an additional 10,341 shares during the last quarter. Finally, Boston Partners boosted its stake in Scorpio Tankers by 135.9% in the second quarter. Boston Partners now owns 125,435 shares of the shipping company’s stock valued at $4,908,000 after acquiring an additional 72,258 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

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.