Scorpio Tankers (NYSE:STNG) Cut to Underperform at Bank of America

Scorpio Tankers (NYSE:STNG) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Tuesday, MarketBeat Ratings reports. They presently have a $78.00 price target on the shipping company’s stock. Bank of America‘s target price points to a potential upside of 11.20% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday. Zacks Research downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Scorpio Tankers in a report on Thursday, June 18th. BTIG Research boosted their target price on Scorpio Tankers from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Evercore restated an “outperform” rating and set a $98.00 target price on shares of Scorpio Tankers in a report on Wednesday, May 27th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $89.83.

Scorpio Tankers Trading Down 3.4%

Shares of STNG stock opened at $70.14 on Tuesday. The business has a 50-day moving average price of $78.94 and a two-hundred day moving average price of $70.03. Scorpio Tankers has a 12-month low of $38.83 and a 12-month high of $87.39. The company has a quick ratio of 13.87, a current ratio of 13.98 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.54 billion, a P/E ratio of 6.90 and a beta of -0.26.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Wednesday, May 6th. The shipping company reported $3.02 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.23. The company had revenue of $312.86 million for the quarter, compared to analysts’ expectations of $286.81 million. Scorpio Tankers had a return on equity of 11.72% and a net margin of 48.44%.Scorpio Tankers’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period last year, the firm posted $1.03 EPS. Equities analysts anticipate that Scorpio Tankers will post 11.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC boosted its holdings in shares of Scorpio Tankers by 3.1% in the fourth quarter. Kestra Advisory Services LLC now owns 5,286 shares of the shipping company’s stock valued at $269,000 after purchasing an additional 158 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Scorpio Tankers by 15.8% during the third quarter. Public Employees Retirement System of Ohio now owns 1,418 shares of the shipping company’s stock valued at $79,000 after buying an additional 194 shares during the period. Clearstead Advisors LLC grew its holdings in Scorpio Tankers by 67.9% during the 3rd quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock worth $28,000 after acquiring an additional 205 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Scorpio Tankers by 13.8% in the 1st quarter. Parallel Advisors LLC now owns 2,124 shares of the shipping company’s stock valued at $159,000 after purchasing an additional 257 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Scorpio Tankers by 2.4% in the 4th quarter. Allworth Financial LP now owns 11,257 shares of the shipping company’s stock valued at $572,000 after purchasing an additional 261 shares in the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

About Scorpio Tankers

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.