Scorpio Tankers (NYSE:STNG) had its price objective reduced by investment analysts at Bank of America from $3.85 to $2.75 in a report issued on Monday. The brokerage presently has a “buy” rating on the shipping company’s stock. Bank of America’s price target points to a potential upside of 29.72% from the company’s previous close.
STNG has been the topic of several other research reports. ValuEngine lowered Scorpio Tankers from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Stifel Nicolaus lowered their price target on Scorpio Tankers from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, November 29th. Zacks Investment Research lowered Scorpio Tankers from a “hold” rating to a “sell” rating in a research report on Wednesday, December 20th. Credit Suisse Group lowered their price target on Scorpio Tankers from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, Morgan Stanley lowered their price target on Scorpio Tankers from $5.00 to $3.50 and set an “overweight” rating on the stock in a research report on Monday, February 12th. Three research analysts have rated the stock with a sell rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $5.03.
Scorpio Tankers stock traded down $0.07 during midday trading on Monday, reaching $2.12. The company’s stock had a trading volume of 1,332,639 shares, compared to its average volume of 4,254,531. The company has a market cap of $715.05, a PE ratio of -2.80 and a beta of 1.35. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.34 and a quick ratio of 1.29. Scorpio Tankers has a 12-month low of $2.11 and a 12-month high of $4.69.
Hedge funds have recently bought and sold shares of the stock. OppenheimerFunds Inc. increased its holdings in shares of Scorpio Tankers by 35.0% during the 4th quarter. OppenheimerFunds Inc. now owns 83,215 shares of the shipping company’s stock worth $254,000 after acquiring an additional 21,562 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Scorpio Tankers by 66.2% during the 3rd quarter. Legal & General Group Plc now owns 85,648 shares of the shipping company’s stock worth $296,000 after acquiring an additional 34,129 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Scorpio Tankers by 24.5% during the 3rd quarter. Private Advisor Group LLC now owns 88,128 shares of the shipping company’s stock worth $310,000 after acquiring an additional 17,318 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Scorpio Tankers during the 3rd quarter worth approximately $343,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Scorpio Tankers by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 124,670 shares of the shipping company’s stock worth $495,000 after acquiring an additional 1,315 shares during the last quarter. 64.75% of the stock is currently owned by institutional investors and hedge funds.
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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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