Scorpio Tankers (NYSE:STNG) Given New $66.00 Price Target at Bank of America

Key Points

• Bank of America has raised its price target for Scorpio Tankers from $60.00 to $66.00, indicating a potential upside of 15.47% from the current stock price.
• Analysts have generally rated Scorpio Tankers positively, with a consensus rating of "Buy" and target prices ranging from $60.50 to $70.00.
• In its last quarterly earnings, Scorpio Tankers reported an EPS of $1.41, surpassing estimates, although revenues showed a year-over-year decline of 39.5% to $222.76 million.

Scorpio Tankers (NYSE:STNG - Get Free Report) had its price objective hoisted by Bank of America from $60.00 to $66.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the shipping company's stock. Bank of America's price objective would indicate a potential upside of 15.47% from the stock's current price.

A number of other analysts have also recently issued reports on the company. Jefferies Financial Group boosted their price objective on Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Zacks Research upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 12th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Scorpio Tankers has a consensus rating of "Buy" and a consensus target price of $60.50.

Scorpio Tankers Stock Performance

Shares of NYSE STNG opened at $57.16 on Tuesday. The company has a quick ratio of 4.83, a current ratio of 4.95 and a debt-to-equity ratio of 0.28. The business's 50 day moving average is $50.89 and its two-hundred day moving average is $43.60. The company has a market cap of $2.92 billion, a P/E ratio of 7.79 and a beta of 0.03. Scorpio Tankers has a 12 month low of $30.63 and a 12 month high of $74.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, topping 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 the consensus estimate of $219.26 million. During the same period in the previous year, the business posted $3.60 EPS. The company's revenue for the quarter was down 39.5% on a year-over-year basis. On average, equities analysts expect that Scorpio Tankers will post 5.29 EPS for the current year.

Institutional Trading of Scorpio Tankers

Institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC acquired a new position in Scorpio Tankers in the second quarter worth $30,890,000. Pacer Advisors Inc. acquired a new position in Scorpio Tankers in the first quarter worth $19,471,000. AQR Capital Management LLC boosted its stake in Scorpio Tankers by 91.9% in the second quarter. AQR Capital Management LLC now owns 642,673 shares of the shipping company's stock worth $25,148,000 after purchasing an additional 307,815 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Scorpio Tankers by 598.3% in the second quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company's stock worth $13,974,000 after purchasing an additional 305,978 shares in the last quarter. Finally, Donald Smith & CO. Inc. acquired a new position in Scorpio Tankers in the second quarter worth $10,845,000. Institutional investors and hedge funds own 54.64% of the company's stock.

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.

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