Scorpio Tankers (NYSE:STNG) Stock Rating Lowered by Bank of America

Scorpio Tankers (NYSE:STNG) was downgraded by equities researchers at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $78.00 target price on the shipping company’s stock. Bank of America‘s target price points to a potential upside of 11.20% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. BTIG Research boosted their price target on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Zacks Research lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Jefferies Financial Group began coverage on shares of Scorpio Tankers in a research note on Friday, April 24th. They issued a “buy” rating and a $90.00 target price on the stock. Evercore reissued an “outperform” rating and set a $98.00 target price on shares of Scorpio Tankers in a research report on Wednesday, May 27th. Finally, Wall Street Zen cut shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Scorpio Tankers currently has an average rating of “Hold” and an average price target of $89.83.

Scorpio Tankers Stock Down 3.4%

Scorpio Tankers stock opened at $70.14 on Tuesday. Scorpio Tankers has a fifty-two week low of $38.83 and a fifty-two week high of $87.39. The firm’s 50-day simple moving average is $78.94 and its 200 day simple moving average is $70.03. The stock has a market cap of $3.54 billion, a PE ratio of 6.90 and a beta of -0.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.87 and a current ratio of 13.98.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 EPS for the quarter, beating analysts’ consensus estimates of $2.79 by $0.23. The company had revenue of $312.86 million during the quarter, compared to the consensus estimate of $286.81 million. Scorpio Tankers had a return on equity of 11.72% and a net margin of 48.44%.Scorpio Tankers’s revenue was up 46.2% on a year-over-year basis. During the same period last year, the business posted $1.03 earnings per share. Research analysts predict that Scorpio Tankers will post 11.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC boosted its position in shares of Scorpio Tankers by 1,645.2% in the fourth quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock valued at $27,000 after acquiring an additional 510 shares during the period. Clearstead Advisors LLC increased its holdings in shares of Scorpio Tankers by 67.9% in the third quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock worth $28,000 after purchasing an additional 205 shares during the period. Assetmark Inc. purchased a new stake in shares of Scorpio Tankers in the first quarter worth $28,000. Zions Bancorporation National Association UT purchased a new stake in shares of Scorpio Tankers in the fourth quarter worth $29,000. Finally, Smartleaf Asset Management LLC boosted its stake in Scorpio Tankers by 154.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock valued at $33,000 after buying an additional 392 shares during the period. Hedge funds and other institutional investors own 54.64% of the company’s stock.

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.