Scorpio Tankers (NYSE:STNG) Price Target Raised to $100.00

Scorpio Tankers (NYSE:STNG) had its target price raised by BTIG Research from $85.00 to $100.00 in a report issued on Tuesday morning,Benzinga reports. BTIG Research currently has a buy rating on the shipping company’s stock.

A number of other analysts also recently issued reports on STNG. Evercore reaffirmed an “outperform” rating and set a $93.00 price target on shares of Scorpio Tankers in a report on Tuesday, April 21st. B. Riley Financial reaffirmed a “buy” rating on shares of Scorpio Tankers in a report on Friday, February 13th. Jefferies Financial Group initiated coverage on shares of Scorpio Tankers in a report on Friday, April 24th. They set a “buy” rating and a $90.00 price target on the stock. Zacks Research raised shares of Scorpio Tankers from a “strong sell” rating to a “hold” rating in a report on Friday, February 13th. Finally, Dnb Carnegie downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 12th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Scorpio Tankers has an average rating of “Moderate Buy” and an average target price of $93.17.

Scorpio Tankers Stock Performance

Shares of NYSE STNG opened at $84.73 on Tuesday. The firm’s 50-day moving average price is $75.54 and its 200-day moving average price is $65.12. The company has a quick ratio of 9.23, a current ratio of 13.98 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.27 billion, a PE ratio of 8.33 and a beta of -0.24. Scorpio Tankers has a 52-week low of $37.96 and a 52-week high of $87.39.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, May 5th. The shipping company reported $3.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.23. The firm had revenue of $312.86 million for the quarter, compared to the consensus estimate of $286.81 million. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The business’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.03 EPS. As a group, analysts anticipate that Scorpio Tankers will post 8.79 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.80 annualized dividend and a yield of 2.1%. Scorpio Tankers’s payout ratio is currently 25.46%.

Hedge Funds Weigh In On Scorpio Tankers

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in Scorpio Tankers by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock valued at $233,544,000 after purchasing an additional 122,874 shares in the last quarter. American Century Companies Inc. lifted its holdings in Scorpio Tankers by 7.6% during the third quarter. American Century Companies Inc. now owns 1,913,729 shares of the shipping company’s stock valued at $107,265,000 after purchasing an additional 135,123 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Scorpio Tankers by 7.1% during the third quarter. Victory Capital Management Inc. now owns 1,249,834 shares of the shipping company’s stock valued at $70,053,000 after purchasing an additional 83,294 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Scorpio Tankers by 12.6% during the fourth quarter. Renaissance Technologies LLC now owns 1,223,015 shares of the shipping company’s stock valued at $62,166,000 after purchasing an additional 137,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Scorpio Tankers by 7.6% during the first quarter. Assenagon Asset Management S.A. now owns 918,223 shares of the shipping company’s stock valued at $68,555,000 after purchasing an additional 64,511 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

About Scorpio Tankers

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.