Scorpio Tankers (NYSE:STNG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Scorpio Tankers (NYSE:STNG) from a hold rating to a strong-buy rating in a research note released on Thursday,Zacks.com reports.

Several other brokerages have also issued reports on STNG. Dnb Carnegie lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. Moffett Nathanson upgraded shares of Scorpio Tankers to a “neutral” rating in a research report on Monday, January 12th. Bank of America upgraded shares of Scorpio Tankers from an “underperform” rating to a “buy” rating and lifted their target price for the company from $76.00 to $100.00 in a research report on Thursday. Jefferies Financial Group assumed coverage on shares of Scorpio Tankers in a research report on Friday, April 24th. They issued a “buy” rating and a $90.00 target price on the stock. Finally, Evercore set a $96.00 price objective on Scorpio Tankers in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.17.

Scorpio Tankers Stock Down 0.4%

STNG stock opened at $84.36 on Thursday. The firm has a market cap of $4.25 billion, a PE ratio of 8.29 and a beta of -0.24. 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 firm’s fifty day moving average is $75.54 and its 200 day moving average is $65.12. Scorpio Tankers has a one year low of $37.96 and a one year high of $87.39.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Tuesday, May 5th. The shipping company reported $3.02 earnings per share (EPS) for the quarter, beating 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 business had revenue of $312.86 million for the quarter, compared to analyst estimates of $286.81 million. During the same quarter last year, the business earned $1.03 earnings per share. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. On average, research analysts forecast that Scorpio Tankers will post 11.44 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, May 29th. Scorpio Tankers’s payout ratio is presently 17.70%.

Hedge Funds Weigh In On Scorpio Tankers

Institutional investors and hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. raised its stake in shares of Scorpio Tankers by 110.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock valued at $26,000 after acquiring an additional 246 shares during the period. Global Retirement Partners LLC raised its stake in shares of Scorpio Tankers by 1,645.2% in the 4th 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 raised its stake in shares of Scorpio Tankers by 67.9% in the 3rd quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock valued at $28,000 after acquiring an additional 205 shares during the period. Assetmark Inc. purchased a new stake in shares of Scorpio Tankers in the 1st quarter valued at approximately $28,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Scorpio Tankers in the 4th quarter valued at approximately $29,000. 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

Scorpio Tankers Company Profile

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.