Scorpio Tankers (NYSE:STNG) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Scorpio Tankers from a “hold” to a “strong-buy” rating, adding to the recent wave of Wall Street analyst coverage on the stock.
• Analyst sentiment remains mixed overall: MarketBeat data shows an average rating of “Moderate Buy” with an average price target of $88.71, while Bank of America recently cut its rating to underperform.
• Scorpio Tankers reported strong quarterly results, including EPS of $3.02 versus estimates of $2.79 and revenue of $312.86 million, both ahead of expectations.

Scorpio Tankers (NYSE:STNG - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Several other research analysts have also commented on STNG. Weiss Ratings reiterated a "hold (c)" rating on shares of Scorpio Tankers in a research report on Thursday, June 18th. Morgan Stanley set a $82.00 price objective on Scorpio Tankers and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Bank of America downgraded shares of Scorpio Tankers from a "buy" rating to an "underperform" rating and decreased their price objective for the stock from $100.00 to $78.00 in a report on Tuesday, June 30th. BTIG Research boosted their target price on shares of Scorpio Tankers from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Finally, Jefferies Financial Group assumed coverage on shares of Scorpio Tankers in a report on Friday, April 24th. They set a "buy" rating and a $90.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $88.71.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock opened at $78.50 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.87 and a current ratio of 13.98. Scorpio Tankers has a 1 year low of $42.20 and a 1 year high of $87.39. The firm's 50-day simple moving average is $77.90 and its 200-day simple moving average is $71.99. The firm has a market cap of $3.96 billion, a PE ratio of 7.72 and a beta of -0.24.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 EPS for the quarter, topping analysts' consensus estimates of $2.79 by $0.23. Scorpio Tankers had a return on equity of 11.72% and a net margin of 48.44%.The business had revenue of $312.86 million during the quarter, compared to the consensus estimate of $286.81 million. During the same period last year, the firm earned $1.03 earnings per share. The company's revenue for the quarter was up 46.2% compared to the same quarter last year. Equities analysts forecast that Scorpio Tankers will post 13.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds and other institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC grew its position in Scorpio Tankers by 1,645.2% in the 4th quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company's stock valued at $27,000 after buying an additional 510 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Scorpio Tankers during the 1st quarter worth about $28,000. Zions Bancorporation National Association UT bought a new stake in shares of Scorpio Tankers during the 4th quarter worth about $29,000. Smartleaf Asset Management LLC lifted its stake in shares of Scorpio Tankers by 154.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company's stock worth $33,000 after acquiring an additional 392 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Scorpio Tankers in the 3rd quarter worth approximately $36,000. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc NYSE: STNG is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.

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