BTIG Research Forecasts Strong Price Appreciation for Scorpio Tankers (NYSE:STNG) Stock

Scorpio Tankers (NYSE:STNG) had its price objective raised by analysts at BTIG Research from $75.00 to $80.00 in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price suggests a potential upside of 22.42% from the company’s current price.

Several other analysts have also commented on the stock. Moffett Nathanson upgraded shares of Scorpio Tankers to a “neutral” rating in a research report on Monday, January 12th. Zacks Research cut Scorpio Tankers from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Scorpio Tankers in a report on Monday, December 29th. B. Riley restated a “buy” rating and issued a $80.00 price objective (up from $75.00) on shares of Scorpio Tankers in a research report on Thursday, October 16th. Finally, Evercore ISI set a $80.00 price objective on Scorpio Tankers and gave the stock an “outperform” rating in a research report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Scorpio Tankers currently has an average rating of “Hold” and an average price target of $71.00.

Scorpio Tankers Stock Up 1.3%

Scorpio Tankers stock opened at $65.35 on Wednesday. Scorpio Tankers has a fifty-two week low of $30.63 and a fifty-two week high of $66.30. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 11.06 and a beta of -0.25. The stock’s fifty day moving average is $55.80 and its two-hundred day moving average is $55.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.75 and a current ratio of 4.81.

Institutional Trading of Scorpio Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STNG. SBI Securities Co. Ltd. lifted its holdings in shares of Scorpio Tankers by 110.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock worth $26,000 after acquiring an additional 246 shares during the period. Clearstead Advisors LLC increased its position in Scorpio Tankers by 67.9% during the third quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock worth $28,000 after purchasing an additional 205 shares during the last quarter. Spire Wealth Management raised its stake in Scorpio Tankers by 77.1% during the second quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock worth $30,000 after purchasing an additional 330 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Scorpio Tankers by 143.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company’s stock valued at $31,000 after purchasing an additional 460 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Scorpio Tankers by 61.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 924 shares of the shipping company’s stock valued at $36,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors own 54.64% of the company’s stock.

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.