Bank of America Boosts Scorpio Tankers (NYSE:STNG) Price Target to $82.00

Scorpio Tankers (NYSE:STNG - Free Report) had its price target upped by Bank of America from $76.00 to $82.00 in a report published on Friday, Benzinga reports. The brokerage currently has a neutral rating on the shipping company's stock.

A number of other analysts have also recently issued reports on STNG. JPMorgan Chase & Co. increased their target price on Scorpio Tankers from $85.00 to $86.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Jefferies Financial Group restated a buy rating and set a $90.00 price objective on shares of Scorpio Tankers in a report on Thursday. Evercore ISI upped their target price on shares of Scorpio Tankers from $89.00 to $91.00 and gave the stock an outperform rating in a research note on Thursday, February 15th. Finally, StockNews.com downgraded Scorpio Tankers from a buy rating to a hold rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $80.17.

Scorpio Tankers Trading Up 1.4 %

Shares of Scorpio Tankers stock traded up $1.08 during trading on Friday, hitting $77.83. 1,216,924 shares of the company were exchanged, compared to its average volume of 670,547. The firm's fifty day moving average price is $71.18 and its 200 day moving average price is $64.99. Scorpio Tankers has a 1-year low of $40.34 and a 1-year high of $79.58. The firm has a market capitalization of $4.13 billion, a P/E ratio of 7.83, a price-to-earnings-growth ratio of 1.23 and a beta of 0.18. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.13 and a quick ratio of 1.12.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The shipping company reported $3.97 earnings per share for the quarter, topping analysts' consensus estimates of $3.72 by $0.25. The company had revenue of $389.76 million for the quarter, compared to analysts' expectations of $381.46 million. Scorpio Tankers had a net margin of 40.78% and a return on equity of 22.86%. As a group, sell-side analysts expect that Scorpio Tankers will post 12.54 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. Scorpio Tankers's dividend payout ratio is 16.10%.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in STNG. Neo Ivy Capital Management bought a new stake in Scorpio Tankers in the 3rd quarter valued at $27,000. Global Retirement Partners LLC raised its position in shares of Scorpio Tankers by 8,800.0% in the first quarter. Global Retirement Partners LLC now owns 534 shares of the shipping company's stock valued at $38,000 after purchasing an additional 528 shares during the period. Headinvest LLC acquired a new stake in shares of Scorpio Tankers during the 3rd quarter worth about $51,000. Sunbelt Securities Inc. acquired a new position in Scorpio Tankers in the 3rd quarter valued at about $54,000. Finally, Fidelis Capital Partners LLC bought a new position in Scorpio Tankers in the 1st quarter valued at about $58,000. 54.64% of the stock is owned by institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.