Brokerages Set Scorpio Tankers Inc. (NYSE:STNG) Price Target at $59.00

Key Points

• Scorpio Tankers Inc. has received an average analyst rating of "Buy", with one hold, three buy, and two strong buy recommendations from six research firms.
• Jefferies Financial Group raised its price target for the stock from $65.00 to $70.00, while Bank of America increased it from $49.00 to $60.00.
• The company recently announced a $0.40 quarterly dividend, marking an annualized dividend of $1.60 and a yield of 2.6% with a payout ratio of 21.80%.

Shares of Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) have received an average rating of "Buy" from the six research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $59.00.

Several brokerages have recently issued reports on STNG. Jefferies Financial Group lifted their price target on Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Bank of America upgraded Scorpio Tankers from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $49.00 to $60.00 in a report on Monday, September 8th. Finally, Zacks Research upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Friday, September 12th.

Scorpio Tankers Stock Performance

STNG traded down $0.83 during trading hours on Tuesday, hitting $58.85. The company's stock had a trading volume of 1,270,434 shares, compared to its average volume of 1,066,300. Scorpio Tankers has a fifty-two week low of $30.63 and a fifty-two week high of $74.67. The firm has a market capitalization of $3.00 billion, a PE ratio of 8.02 and a beta of 0.04. The company has a 50-day simple moving average of $49.20 and a 200 day simple moving average of $42.75. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.38. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The company had revenue of $222.76 million for the quarter, compared to analysts' expectations of $219.26 million. During the same period last year, the firm earned $3.60 EPS. The firm's revenue for the quarter was down 39.5% on a year-over-year basis. As a group, sell-side analysts expect that Scorpio Tankers will post 5.29 EPS for the current year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Wednesday, August 13th. Scorpio Tankers's payout ratio is presently 21.80%.

Hedge Funds Weigh In On Scorpio Tankers

A number of hedge funds have recently modified their holdings of STNG. Deutsche Bank AG grew its holdings in shares of Scorpio Tankers by 52.6% in the 4th quarter. Deutsche Bank AG now owns 37,508 shares of the shipping company's stock worth $1,864,000 after acquiring an additional 12,923 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Scorpio Tankers by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 12,552 shares of the shipping company's stock worth $624,000 after buying an additional 3,700 shares during the period. Sherbrooke Park Advisers LLC boosted its position in shares of Scorpio Tankers by 28.3% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 4,035 shares of the shipping company's stock worth $200,000 after buying an additional 889 shares during the period. Vident Advisory LLC boosted its position in shares of Scorpio Tankers by 5.8% in the fourth quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company's stock worth $743,000 after buying an additional 818 shares during the period. Finally, LM Asset IM Inc. acquired a new stake in shares of Scorpio Tankers in the fourth quarter worth $1,988,000. 54.64% of the stock is currently owned by institutional investors and hedge funds.

About Scorpio Tankers

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.