Scorpio Tankers (NYSE:STNG) Stock Rating Upgraded by Bank of America

Key Points

• Bank of America upgraded Scorpio Tankers from a "neutral" rating to a "buy" rating, with a new target price of $60.00, indicating potential upside of 13.25% from the stock's previous close.
• Jefferies Financial Group also maintains a "buy" rating on the stock, setting a target price of $65.00, reflecting positive sentiment among analysts.
• Scorpio Tankers reported $1.41 earnings per share for the last quarter, exceeding expectations significantly, despite a year-over-year revenue decline of 39.5% amid challenging market conditions.

Scorpio Tankers (NYSE:STNG - Get Free Report) was upgraded by investment analysts at Bank of America from a "neutral" rating to a "buy" rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm presently has a $60.00 price target on the shipping company's stock, up from their previous price target of $49.00. Bank of America's target price would suggest a potential upside of 2.01% from the stock's previous close.

Separately, Jefferies Financial Group reiterated a "buy" rating and set a $65.00 target price on shares of Scorpio Tankers in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $59.00.

Scorpio Tankers Trading Up 0.9%

STNG traded up $0.54 during trading on Monday, hitting $58.82. 915,457 shares of the stock traded hands, compared to its average volume of 1,057,722. The firm has a market capitalization of $3.00 billion, a P/E ratio of 8.01 and a beta of 0.04. The firm has a 50-day moving average of $47.24 and a 200 day moving average of $41.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.95 and a quick ratio of 4.83. 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 posted its 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. The firm had revenue of $222.76 million during the quarter, compared to analysts' expectations of $219.26 million. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. The company's quarterly revenue was down 39.5% compared to the same quarter last year. During the same period last year, the company posted $3.60 EPS. Equities research analysts anticipate that Scorpio Tankers will post 5.29 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers lifted its holdings in Scorpio Tankers by 10.7% in the 1st quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company's stock valued at $3,163,000 after purchasing an additional 8,170 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Scorpio Tankers by 24.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,114 shares of the shipping company's stock valued at $576,000 after acquiring an additional 2,971 shares during the last quarter. Invesco Ltd. increased its holdings in Scorpio Tankers by 17.8% in the 1st quarter. Invesco Ltd. now owns 137,600 shares of the shipping company's stock valued at $5,171,000 after purchasing an additional 20,764 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Scorpio Tankers by 78.0% in the 1st quarter. Victory Capital Management Inc. now owns 253,966 shares of the shipping company's stock valued at $9,544,000 after purchasing an additional 111,270 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Scorpio Tankers by 7.5% during the 1st quarter. Principal Financial Group Inc. now owns 48,771 shares of the shipping company's stock worth $1,833,000 after buying an additional 3,394 shares in the last quarter. Hedge funds and other institutional investors 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.