Scorpio Tankers Inc. (STNG) Downgraded by Zacks Investment Research
Scorpio Tankers Inc. (NASDAQ:STNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
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. “
Several other analysts have also recently commented on STNG. Clarkson Capital cut shares of Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. Deutsche Bank AG restated a “buy” rating and set a $9.00 target price on shares of Scorpio Tankers in a report on Wednesday, July 6th. Morgan Stanley restated an “equal weight” rating and set a $4.50 target price (down from $6.00) on shares of Scorpio Tankers in a report on Friday, August 26th. Jefferies Group set a $7.00 target price on shares of Scorpio Tankers and gave the company a “buy” rating in a report on Wednesday, July 27th. Finally, ABN Amro downgraded shares of Scorpio Tankers from a “buy” rating to a “sell” rating in a report on Thursday, June 30th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $6.83.
Shares of Scorpio Tankers (NASDAQ:STNG) opened at 4.55 on Thursday. The stock has a market cap of $734.28 million and a PE ratio of 5.22. The company’s 50-day moving average is $4.81 and its 200 day moving average is $5.20. Scorpio Tankers has a 52 week low of $4.05 and a 52 week high of $9.83.
Scorpio Tankers (NASDAQ:STNG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by $0.03. The company had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $146.20 million. During the same period last year, the business earned $0.32 EPS. The firm’s revenue for the quarter was down 27.2% on a year-over-year basis. Analysts forecast that Scorpio Tankers will post $0.30 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 10.99%.
Several large investors have recently modified their holdings of STNG. IBM Retirement Fund purchased a new stake in shares of Scorpio Tankers during the second quarter worth approximately $108,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scorpio Tankers during the second quarter worth approximately $113,000. FDx Advisors Inc. increased its stake in shares of Scorpio Tankers by 49.9% in the second quarter. FDx Advisors Inc. now owns 30,344 shares of the company’s stock worth $127,000 after buying an additional 10,105 shares during the period. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Scorpio Tankers during the second quarter worth approximately $135,000. Finally, Putnam FL Investment Management Co. increased its stake in shares of Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock worth $142,000 after buying an additional 5,460 shares during the period.
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, Panamax/LR1 and Aframax/LR2. The Company’s fleet consists of approximately 78 tankers (over 18 LR2 tankers, approximately 14 Handymax tankers and over 46 MR tankers) with a weighted average age of approximately 1.5 years, and approximately 11 time chartered-in tankers, which it operates (approximately three LR2 tankers, a LR1 tanker, over four MR tankers and approximately three Handymax tankers), which it refers to collectively as its Operating Fleet.
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