Scorpio Tankers (NYSE:STNG) Upgraded to “Strong-Buy” at Zacks Research

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

STNG has been the subject of a number of other reports. Jefferies Financial Group assumed coverage on shares of Scorpio Tankers in a report on Friday, April 24th. They issued a “buy” rating and a $90.00 price target for the company. Wall Street Zen cut shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Bank of America downgraded shares of Scorpio Tankers from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $100.00 to $78.00 in a report on Tuesday, June 30th. BTIG Research raised their target price on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Finally, Evercore restated an “outperform” rating and issued a $98.00 price target on shares of Scorpio Tankers in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.71.

Scorpio Tankers Stock Up 0.8%

STNG 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. The company has a market capitalization of $3.96 billion, a PE ratio of 7.72 and a beta of -0.24. The stock’s fifty day moving average is $77.90 and its 200-day moving average is $71.99. Scorpio Tankers has a one year low of $42.20 and a one year high of $87.39.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.23. The business had revenue of $312.86 million during 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%.The company’s quarterly revenue was up 46.2% on a year-over-year basis. During the same quarter last year, the business posted $1.03 earnings per share. On average, equities analysts predict that Scorpio Tankers will post 13.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Scorpio Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in STNG. Global Retirement Partners LLC raised its stake in Scorpio Tankers by 1,645.2% during the 4th quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock valued at $27,000 after purchasing an additional 510 shares during the period. Assetmark Inc. acquired a new stake in shares of Scorpio Tankers in the first quarter worth $28,000. Zions Bancorporation National Association UT acquired a new stake in shares of Scorpio Tankers in the fourth quarter worth $29,000. Smartleaf Asset Management LLC grew its holdings in shares of Scorpio Tankers by 154.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock valued at $33,000 after buying an additional 392 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Scorpio Tankers during the third quarter valued at $36,000. 54.64% of the stock is currently owned by hedge funds and other 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.