Zacks Investment Research downgraded shares of Scorpio Tankers (NYSE:STNG) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. The Company’s initial fleet consists of three modern panamax tankers. Its vessels carry petroleum products and crude oil for integrated oil companies, oil traders, and other customers. Scorpio Tankers Inc. is headquartered in Monaco, Scorpio. “
Other research analysts have also issued research reports about the stock. Stifel Nicolaus reiterated a buy rating and set a $7.00 price objective (down previously from $8.00) on shares of Scorpio Tankers in a research note on Wednesday, September 20th. UBS upgraded shares of Scorpio Tankers from a neutral rating to a buy rating and set a $5.50 price objective on the stock in a research note on Monday, November 13th. Credit Suisse Group reiterated a buy rating and set a $7.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, September 19th. Jefferies Group began coverage on shares of Scorpio Tankers in a research note on Monday. They set a buy rating and a $5.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on shares of Scorpio Tankers from $5.50 to $5.00 and set an overweight rating on the stock in a research note on Friday, November 17th. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a buy rating to the company. Scorpio Tankers has a consensus rating of Buy and an average price target of $6.28.
Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Thursday, November 16th. The shipping company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.04). Scorpio Tankers had a negative net margin of 31.12% and a negative return on equity of 6.47%. The firm had revenue of $123.20 million during the quarter, compared to analyst estimates of $129.54 million. During the same quarter in the previous year, the business posted ($0.11) EPS. Scorpio Tankers’s revenue for the quarter was up 7.8% compared to the same quarter last year. sell-side analysts predict that Scorpio Tankers will post -0.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Tuesday, December 12th. Scorpio Tankers’s payout ratio is -5.06%.
A number of large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in Scorpio Tankers by 5.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 16,862,543 shares of the shipping company’s stock worth $57,839,000 after purchasing an additional 875,100 shares during the period. Monarch Alternative Capital LP acquired a new position in Scorpio Tankers in the 3rd quarter worth approximately $32,371,000. FMR LLC boosted its stake in Scorpio Tankers by 160.9% in the 2nd quarter. FMR LLC now owns 7,483,484 shares of the shipping company’s stock worth $29,710,000 after purchasing an additional 4,615,440 shares during the period. Lasry Marc acquired a new position in Scorpio Tankers in the 3rd quarter worth approximately $19,205,000. Finally, Bank of New York Mellon Corp boosted its stake in Scorpio Tankers by 656.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,850,603 shares of the shipping company’s stock worth $16,637,000 after purchasing an additional 4,209,596 shares during the period. Hedge funds and other institutional investors own 59.04% of the company’s stock.
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Scorpio Tankers Company Profile
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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