Scorpio Tankers (NYSE:STNG) Price Target Lowered to $80.00 at Evercore ISI

Scorpio Tankers (NYSE:STNG) had its target price lowered by Evercore ISI from $84.00 to $80.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the shipping company’s stock.

Other research analysts have also issued research reports about the stock. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group restated a “buy” rating and issued a $90.00 target price on shares of Scorpio Tankers in a research report on Tuesday. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their target price for the company from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Finally, Bank of America cut their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $78.40.

Scorpio Tankers Stock Performance

Shares of NYSE:STNG opened at $58.06 on Wednesday. The company’s 50 day moving average price is $68.85 and its two-hundred day moving average price is $74.06. Scorpio Tankers has a 12-month low of $52.68 and a 12-month high of $84.67. The firm has a market cap of $3.17 billion, a PE ratio of 5.39 and a beta of 0.15. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The firm had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. During the same quarter in the prior year, the business posted $1.91 EPS. The business’s revenue was down 8.0% compared to the same quarter last year. Equities research analysts predict that Scorpio Tankers will post 11.46 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s payout ratio is currently 14.84%.

Hedge Funds Weigh In On Scorpio Tankers

Several large investors have recently modified their holdings of STNG. EverSource Wealth Advisors LLC raised its stake in shares of Scorpio Tankers by 970.0% during the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Scorpio Tankers during the third quarter worth $28,000. Fifth Third Bancorp raised its stake in Scorpio Tankers by 319.0% during the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after buying an additional 319 shares during the last quarter. Quarry LP raised its stake in Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after buying an additional 229 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after buying an additional 177 shares during the last quarter. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.