Scorpio Tankers (NYSE:STNG) Price Target Raised to $72.00 at Bank of America

Scorpio Tankers (NYSE:STNG) had its target price increased by Bank of America from $70.00 to $72.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an underperform rating on the shipping company’s stock.

A number of other analysts have also recently weighed in on STNG. B. Riley Financial reaffirmed a “buy” rating on shares of Scorpio Tankers in a research note on Friday, February 13th. Zacks Research upgraded Scorpio Tankers from a “strong sell” rating to a “hold” rating in a research note on Friday, February 13th. Dnb Carnegie downgraded Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 12th. Moffett Nathanson upgraded Scorpio Tankers to a “neutral” rating in a research report on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $80.50.

Scorpio Tankers Stock Up 1.5%

STNG stock opened at $74.76 on Tuesday. The firm has a 50-day moving average price of $69.82 and a 200-day moving average price of $61.49. Scorpio Tankers has a 12 month low of $30.63 and a 12 month high of $81.85. The company has a current ratio of 9.33, a quick ratio of 9.23 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.87 billion, a P/E ratio of 10.57 and a beta of -0.31.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Friday, February 13th. The shipping company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.25. The company had revenue of $252.65 million for the quarter, compared to analyst estimates of $238.93 million. Scorpio Tankers had a net margin of 36.70% and a return on equity of 8.85%. The firm’s revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. As a group, equities research analysts anticipate that Scorpio Tankers will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, March 6th. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 2.4%. Scorpio Tankers’s payout ratio is 25.46%.

Hedge Funds Weigh In On Scorpio Tankers

A number of hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC increased its holdings in Scorpio Tankers by 18.9% in the fourth quarter. Hsbc Holdings PLC now owns 15,099 shares of the shipping company’s stock valued at $765,000 after purchasing an additional 2,396 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Scorpio Tankers by 37.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,081 shares of the shipping company’s stock worth $106,000 after buying an additional 562 shares during the period. Virtu Financial LLC lifted its holdings in Scorpio Tankers by 95.3% during the 4th quarter. Virtu Financial LLC now owns 11,540 shares of the shipping company’s stock worth $587,000 after buying an additional 5,630 shares during the period. XTX Topco Ltd grew its position in shares of Scorpio Tankers by 391.3% in the 4th quarter. XTX Topco Ltd now owns 37,100 shares of the shipping company’s stock valued at $1,886,000 after buying an additional 29,548 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in shares of Scorpio Tankers in the 4th quarter valued at about $4,864,000. Institutional investors and hedge funds 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.