Wall Street Zen Downgrades Scorpio Tankers (NYSE:STNG) to Buy

Key Points

• Wall Street Zen downgraded Scorpio Tankers from “strong-buy” to “buy,” adding to a mixed analyst picture for the shipping company.
• Other firms have been split on the stock recently: Bank of America cut it to underperform with a price target of $78, while several others kept or raised bullish ratings. Overall, the consensus rating is now Hold with an average price target of $88.71.
• Scorpio Tankers shares were down 2.3% and opened at $77.46; the company also recently reported strong quarterly results, with EPS of $3.02 beating estimates and revenue rising 46.2% year over year.

Scorpio Tankers (NYSE:STNG - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Tuesday.

Other analysts have also recently issued research reports about the company. Bank of America cut Scorpio Tankers from a "buy" rating to an "underperform" rating and lowered their price target for the company from $100.00 to $78.00 in a report on Tuesday, June 30th. Jefferies Financial Group started coverage on shares of Scorpio Tankers in a research report on Friday, April 24th. They issued a "buy" rating and a $90.00 price objective on the stock. BTIG Research raised 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. Evercore reiterated an "outperform" rating and set a $98.00 target price on shares of Scorpio Tankers in a research report on Wednesday, May 27th. Finally, Zacks Research cut shares of Scorpio Tankers from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Scorpio Tankers currently has an average rating of "Hold" and an average price target of $88.71.

Scorpio Tankers Stock Down 2.3%

STNG opened at $77.46 on Tuesday. The firm has a market capitalization of $3.91 billion, a P/E ratio of 7.62 and a beta of -0.24. Scorpio Tankers has a one year low of $42.20 and a one year high of $87.39. The company has a fifty day moving average price of $78.16 and a 200-day moving average price of $71.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 13.98 and a quick ratio of 13.87.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The shipping company reported $3.02 earnings per share (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 company had revenue of $312.86 million for the quarter, compared to the consensus estimate of $286.81 million. During the same quarter last year, the business posted $1.03 earnings per share. The firm's revenue was up 46.2% compared to the same quarter last year. Equities research analysts expect that Scorpio Tankers will post 13.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC boosted its holdings in shares of Scorpio Tankers by 1,645.2% during the fourth quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company's stock worth $27,000 after purchasing an additional 510 shares during the period. Assetmark Inc. purchased a new position in Scorpio Tankers during the 1st quarter valued at about $28,000. Zions Bancorporation National Association UT bought a new position in Scorpio Tankers during the 4th quarter valued at approximately $29,000. Smartleaf Asset Management LLC raised its position in Scorpio Tankers by 154.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company's stock valued at $33,000 after purchasing an additional 392 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in 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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