Scorpio Tankers Inc. (NASDAQ:STNG) was upgraded by investment analysts at Bank of America Corporation from an “underperform” rating to a “buy” rating in a report issued on Friday, May 12th, Marketbeat.com reports. The firm presently has a $6.00 price objective on the shipping company’s stock. Bank of America Corporation’s target price indicates a potential upside of 59.15% from the stock’s current price.
STNG has been the subject of several other reports. Clarkson Capital raised Scorpio Tankers from a “neutral” rating to a “buy” rating in a report on Wednesday, February 15th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Scorpio Tankers in a report on Wednesday, February 15th. Credit Suisse Group set a $7.00 price objective on Scorpio Tankers and gave the company a “buy” rating in a research note on Tuesday, February 14th. TheStreet downgraded Scorpio Tankers from a “c” rating to a “d+” rating in a research note on Monday, February 13th. Finally, Zacks Investment Research upgraded Scorpio Tankers from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 18th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $6.50.
Scorpio Tankers (NASDAQ STNG) traded up 3.29% during trading on Friday, reaching $3.77. The company’s stock had a trading volume of 3,933,668 shares. The stock’s 50 day moving average is $4.01 and its 200-day moving average is $4.16. The firm’s market cap is $613.42 million. Scorpio Tankers has a 52 week low of $3.42 and a 52 week high of $5.53.
Scorpio Tankers (NASDAQ:STNG) last issued its quarterly earnings data on Thursday, April 27th. The shipping company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. The firm had revenue of $122.80 million during the quarter, compared to analyst estimates of $119.80 million. Scorpio Tankers had a negative return on equity of 3.53% and a negative net margin of 9.39%. The company’s revenue for the quarter was down 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. On average, equities research analysts forecast that Scorpio Tankers will post $0.06 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 14th. Stockholders of record on Thursday, May 11th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, May 9th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.06%.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Oconnor LLC boosted its position in shares of Scorpio Tankers by 401.8% in the first quarter. UBS Oconnor LLC now owns 442,840 shares of the shipping company’s stock worth $1,966,000 after buying an additional 354,583 shares during the period. Goldman Sachs Group Inc. raised its stake in Scorpio Tankers by 191.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,016,668 shares of the shipping company’s stock worth $4,514,000 after buying an additional 667,860 shares in the last quarter. Jane Street Group LLC purchased a new stake in Scorpio Tankers during the first quarter worth $129,000. Highbridge Capital Management LLC purchased a new stake in Scorpio Tankers during the first quarter worth $1,671,000. Finally, Two Sigma Securities LLC purchased a new stake in Scorpio Tankers during the first quarter worth $223,000.
About Scorpio Tankers
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, LR1/Panamax and LR2. As of March 15, 2017, the Company’s fleet consisted of 78 owned tankers (22 LR2, 14 Handymax and 42 MR) with a weighted average age of approximately 2.3 years, and 19 time or bareboat chartered-in tankers, which it operated (one LR2, one LR1, eight MR and nine Handymax) (collectively referred to as its Operating Fleet).
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