Scorpio Tankers Inc. (NYSE:STNG) Receives $69.00 Average Price Target from Brokerages

Scorpio Tankers Inc. (NYSE:STNG) has been given a consensus recommendation of “Moderate Buy” by the eight analysts that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $69.00.

STNG has been the subject of several recent research reports. B. Riley reiterated a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Scorpio Tankers in a research report on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a report on Wednesday, October 8th. Evercore ISI set a $80.00 price target on shares of Scorpio Tankers and gave the stock an “outperform” rating in a report on Monday, November 3rd. Zacks Research cut shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Finally, Bank of America upped their target price on shares of Scorpio Tankers from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STNG. Clearstead Advisors LLC raised its holdings in shares of Scorpio Tankers by 67.9% in the 3rd quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock valued at $28,000 after acquiring an additional 205 shares in the last quarter. Bleakley Financial Group LLC bought a new position in shares of Scorpio Tankers in the third quarter worth approximately $640,000. SBI Securities Co. Ltd. raised its stake in Scorpio Tankers by 110.3% in the third quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock valued at $26,000 after purchasing an additional 246 shares in the last quarter. Savant Capital LLC lifted its position in Scorpio Tankers by 50.8% during the third quarter. Savant Capital LLC now owns 21,375 shares of the shipping company’s stock valued at $1,198,000 after purchasing an additional 7,197 shares during the last quarter. Finally, State of Wyoming grew its stake in Scorpio Tankers by 43.6% in the 3rd quarter. State of Wyoming now owns 12,623 shares of the shipping company’s stock worth $708,000 after buying an additional 3,830 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Price Performance

NYSE STNG opened at $62.61 on Wednesday. The company has a market cap of $3.19 billion, a PE ratio of 10.59 and a beta of -0.07. The company has a quick ratio of 4.75, a current ratio of 4.81 and a debt-to-equity ratio of 0.25. The firm’s 50-day simple moving average is $58.17 and its two-hundred day simple moving average is $48.46. Scorpio Tankers has a 52 week low of $30.63 and a 52 week high of $65.52.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, October 30th. The shipping company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.10. Scorpio Tankers had a net margin of 32.01% and a return on equity of 7.42%. The business had revenue of $232.92 million during the quarter, compared to analyst estimates of $228.09 million. During the same period in the previous year, the business earned $1.75 EPS. Scorpio Tankers’s revenue was down 9.9% compared to the same quarter last year. Research analysts predict that Scorpio Tankers will post 5.29 earnings per share for the current year.

Scorpio Tankers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 2.7%. Scorpio Tankers’s payout ratio is currently 27.07%.

About Scorpio Tankers

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.