Scorpio Tankers (NYSE:STNG) Price Target Raised to $80.00 at BTIG Research

Scorpio Tankers (NYSE:STNG) had its price target boosted by analysts at BTIG Research from $75.00 to $80.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price suggests a potential upside of 23.16% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Moffett Nathanson raised Scorpio Tankers to a “neutral” rating in a research note on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of Scorpio Tankers in a research note on Monday, December 29th. B. Riley reiterated a “buy” rating and set a $80.00 price target (up previously from $75.00) on shares of Scorpio Tankers in a report on Thursday, October 16th. Zacks Research downgraded shares of Scorpio Tankers from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Scorpio Tankers in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $71.00.

Scorpio Tankers Price Performance

Shares of STNG opened at $64.95 on Wednesday. Scorpio Tankers has a fifty-two week low of $30.63 and a fifty-two week high of $65.52. The firm’s 50-day simple moving average is $55.52 and its two-hundred day simple moving average is $54.86. The stock has a market cap of $3.31 billion, a PE ratio of 10.99 and a beta of -0.25. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.75 and a current ratio of 4.81.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. boosted its position in Scorpio Tankers by 110.3% in the third quarter. SBI Securities Co. Ltd. now owns 469 shares of the shipping company’s stock worth $26,000 after purchasing an additional 246 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in Scorpio Tankers by 67.9% during the third quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock valued at $28,000 after purchasing an additional 205 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Scorpio Tankers by 77.1% during the 2nd quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock valued at $30,000 after buying an additional 330 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Scorpio Tankers by 143.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company’s stock valued at $31,000 after acquiring an additional 460 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Scorpio Tankers by 61.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 924 shares of the shipping company’s stock worth $36,000 after purchasing an additional 350 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Company Profile

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.