Scorpio Tankers (NYSE:STNG) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Scorpio Tankers (NYSE:STNG) from a buy rating to a strong-buy rating in a research note published on Monday.

Several other analysts have also recently commented on STNG. BTIG Research raised their price objective on shares of Scorpio Tankers from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Jefferies Financial Group started coverage on Scorpio Tankers in a research note on Friday, April 24th. They issued a “buy” rating and a $90.00 target price on the stock. Bank of America cut Scorpio Tankers from a “buy” rating to an “underperform” rating and cut their price target for the stock from $100.00 to $78.00 in a report on Tuesday, June 30th. Evercore reiterated an “outperform” rating and set a $98.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, May 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Scorpio Tankers in a report on Thursday, June 18th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $89.83.

Scorpio Tankers Stock Performance

Shares of STNG stock opened at $74.27 on Monday. The stock’s 50-day moving average price is $78.50 and its 200 day moving average price is $70.70. The company has a quick ratio of 13.87, a current ratio of 13.98 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.74 billion, a PE ratio of 7.34 and a beta of -0.24. Scorpio Tankers has a 52-week low of $41.50 and a 52-week high of $87.39.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.23. Scorpio Tankers had a return on equity of 11.72% and a net margin of 48.44%.The company had revenue of $312.86 million for the quarter, compared to the consensus estimate of $286.81 million. During the same period last year, the business posted $1.03 EPS. The company’s revenue was up 46.2% on a year-over-year basis. As a group, equities research analysts forecast that Scorpio Tankers will post 13.6 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 29th. Scorpio Tankers’s dividend payout ratio (DPR) is 17.70%.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Scorpio Tankers by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock worth $233,544,000 after buying an additional 122,874 shares during the period. Renaissance Technologies LLC lifted its position in Scorpio Tankers by 12.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,223,015 shares of the shipping company’s stock worth $62,166,000 after acquiring an additional 137,000 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Scorpio Tankers by 7.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 918,223 shares of the shipping company’s stock worth $68,555,000 after acquiring an additional 64,511 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Scorpio Tankers by 68.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 806,049 shares of the shipping company’s stock worth $45,179,000 after acquiring an additional 326,973 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Scorpio Tankers by 8.8% during the third quarter. AQR Capital Management LLC now owns 699,040 shares of the shipping company’s stock valued at $39,181,000 after purchasing an additional 56,367 shares during the period. Institutional investors and hedge funds 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.