Scorpio Tankers’ (STNG) Buy Rating Reaffirmed at Credit Suisse Group AG
Credit Suisse Group AG reaffirmed their buy rating on shares of Scorpio Tankers Inc. (NASDAQ:STNG) in a research note issued to investors on Monday. The brokerage currently has a $7.00 price target on the stock.
A number of other research analysts have also weighed in on STNG. Zacks Investment Research lowered Scorpio Tankers from a hold rating to a sell rating in a report on Wednesday, June 29th. Clarkson Capital lowered Scorpio Tankers from a buy rating to a neutral rating in a report on Monday, October 3rd. Deutsche Bank AG reiterated a buy rating and set a $9.00 price target on shares of Scorpio Tankers in a report on Wednesday, July 6th. Morgan Stanley reiterated an equal weight rating and set a $4.50 price target (down from $6.00) on shares of Scorpio Tankers in a report on Friday, August 26th. Finally, Jefferies Group set a $7.00 price target on Scorpio Tankers and gave the stock a buy rating in a report on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $6.88.
Scorpio Tankers (NASDAQ:STNG) traded up 1.740% during mid-day trading on Monday, hitting $4.385. The stock had a trading volume of 190,209 shares. The stock has a market capitalization of $707.66 million and a P/E ratio of 5.029. The company’s 50 day moving average is $4.76 and its 200-day moving average is $5.16. Scorpio Tankers has a 52 week low of $4.05 and a 52 week high of $9.76.
Scorpio Tankers (NASDAQ:STNG) last posted its earnings results on Thursday, July 28th. The company reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.03. The firm earned $137.21 million during the quarter, compared to the consensus estimate of $146.20 million. During the same quarter in the previous year, the company earned $0.32 EPS. The firm’s quarterly revenue was down 27.2% on a year-over-year basis. On average, analysts expect that Scorpio Tankers will post $0.30 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were paid a $0.125 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.50 annualized dividend and a dividend yield of 11.60%.
Several hedge funds have recently modified their holdings of the stock. IBM Retirement Fund purchased a new stake in shares of Scorpio Tankers during the second quarter valued at about $108,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scorpio Tankers during the second quarter valued at about $113,000. FDx Advisors Inc. raised its stake in shares of Scorpio Tankers by 49.9% in the second quarter. FDx Advisors Inc. now owns 30,344 shares of the company’s stock valued at $127,000 after buying an additional 10,105 shares during the last quarter. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Scorpio Tankers during the second quarter valued at about $135,000. Finally, Putnam FL Investment Management Co. raised its stake in shares of Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock valued at $142,000 after buying an additional 5,460 shares during the last quarter.
Scorpio Tankers Company Profile
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, Panamax/LR1 and Aframax/LR2. The Company’s fleet consists of approximately 78 tankers (over 18 LR2 tankers, approximately 14 Handymax tankers and over 46 MR tankers) with a weighted average age of approximately 1.5 years, and approximately 11 time chartered-in tankers, which it operates (approximately three LR2 tankers, a LR1 tanker, over four MR tankers and approximately three Handymax tankers), which it refers to collectively as its Operating Fleet.
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