Scorpio Tankers (NYSE:STNG) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Key Points

• Jefferies Financial Group has raised Scorpio Tankers' target price from $65.00 to $70.00, indicating a potential upside of 32.12% from its previous close, while maintaining a "buy" rating.
• Bank of America also upgraded Scorpio Tankers from "neutral" to "buy" and increased its price target from $49.00 to $60.00, with analysts giving the stock an overall "buy" consensus and a target price around $59.00.
• Scorpio Tankers reported earnings of $1.41 per share, exceeding expectations, despite a 39.5% drop in revenue compared to the same quarter last year.

Scorpio Tankers (NYSE:STNG - Get Free Report) had its target price upped by Jefferies Financial Group from $65.00 to $70.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the shipping company's stock. Jefferies Financial Group's target price would suggest a potential upside of 32.12% from the company's previous close.

Separately, Bank of America raised Scorpio Tankers from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $49.00 to $60.00 in a report on Monday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Scorpio Tankers presently has an average rating of "Buy" and a consensus target price of $59.00.

Scorpio Tankers Stock Performance

NYSE:STNG opened at $52.98 on Monday. The stock has a fifty day moving average price of $45.88 and a 200-day moving average price of $41.48. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 7.22 and a beta of 0.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95. Scorpio Tankers has a fifty-two week low of $30.63 and a fifty-two week high of $74.67.

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

Institutional Investors Weigh In On Scorpio Tankers

Institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Holdings LLC bought a new stake in shares of Scorpio Tankers during the 1st quarter valued at about $26,000. Spire Wealth Management boosted its position in shares of Scorpio Tankers by 77.1% during the 2nd quarter. Spire Wealth Management now owns 758 shares of the shipping company's stock valued at $30,000 after purchasing an additional 330 shares in the last quarter. Signaturefd LLC boosted its position in shares of Scorpio Tankers by 95.6% during the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock valued at $29,000 after purchasing an additional 372 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Scorpio Tankers by 143.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company's stock valued at $31,000 after purchasing an additional 460 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Scorpio Tankers by 206.1% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the shipping company's stock valued at $33,000 after purchasing an additional 575 shares in the last quarter. 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.

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