Bank of America Raises Scorpio Tankers (NYSE:STNG) Price Target to $85.00

Scorpio Tankers (NYSE:STNGFree Report) had its price objective lifted by Bank of America from $82.00 to $85.00 in a report released on Tuesday, Benzinga reports. They currently have a neutral rating on the shipping company’s stock.

STNG has been the topic of several other reports. Jefferies Financial Group reaffirmed a buy rating and set a $90.00 target price on shares of Scorpio Tankers in a report on Thursday, May 9th. StockNews.com raised Scorpio Tankers from a hold rating to a buy rating in a research note on Friday, May 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $80.67.

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Scorpio Tankers Stock Down 0.3 %

Shares of STNG opened at $80.49 on Tuesday. The company has a market capitalization of $4.39 billion, a PE ratio of 7.47, a PEG ratio of 1.19 and a beta of 0.20. Scorpio Tankers has a 12 month low of $40.34 and a 12 month high of $83.33. The stock’s 50-day moving average price is $76.82 and its two-hundred day moving average price is $69.82. The company has a current ratio of 1.60, a quick ratio of 1.58 and a debt-to-equity ratio of 0.35.

Scorpio Tankers (NYSE:STNGGet Free Report) last announced its earnings results on Thursday, May 9th. The shipping company reported $3.97 EPS for the quarter, topping the consensus estimate of $3.72 by $0.25. The firm had revenue of $389.76 million for the quarter, compared to the consensus estimate of $381.46 million. Scorpio Tankers had a return on equity of 22.84% and a net margin of 42.12%. On average, analysts anticipate that Scorpio Tankers will post 11.98 EPS for the current year.

Scorpio Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Friday, June 14th. Scorpio Tankers’s dividend payout ratio is 14.84%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Moody Aldrich Partners LLC raised its stake in Scorpio Tankers by 34.6% during the 4th quarter. Moody Aldrich Partners LLC now owns 123,187 shares of the shipping company’s stock worth $7,490,000 after buying an additional 31,649 shares during the period. Bluefin Capital Management LLC bought a new stake in Scorpio Tankers during the 4th quarter worth approximately $1,003,000. International Assets Investment Management LLC increased its holdings in Scorpio Tankers by 4,706.2% during the 4th quarter. International Assets Investment Management LLC now owns 970,799 shares of the shipping company’s stock worth $59,025,000 after purchasing an additional 950,600 shares in the last quarter. DNB Asset Management AS increased its holdings in Scorpio Tankers by 167.0% during the 4th quarter. DNB Asset Management AS now owns 254,839 shares of the shipping company’s stock worth $15,494,000 after purchasing an additional 159,393 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Scorpio Tankers during the 4th quarter worth approximately $3,772,000. 54.64% of the stock is owned by institutional investors and hedge funds.

About Scorpio Tankers

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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.

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