Scorpio Tankers’ (STNG) Buy Rating Reaffirmed at Credit Suisse Group AG
Credit Suisse Group AG reissued their buy rating on shares of Scorpio Tankers Inc. (NASDAQ:STNG) in a research note published on Monday morning. Credit Suisse Group AG currently has a $7.00 price target on the stock.
A number of other equities research analysts have also recently issued reports on STNG. Zacks Investment Research cut Scorpio Tankers from a hold rating to a sell rating in a research note on Wednesday, June 29th. Clarkson Capital lowered Scorpio Tankers from a buy rating to a neutral rating in a report on Monday, October 3rd. Deutsche Bank AG reissued a buy rating and set a $9.00 target price on shares of Scorpio Tankers in a report on Wednesday, July 6th. Morgan Stanley reissued 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. Finally, Jefferies Group set a $7.00 target price on Scorpio Tankers and gave the stock a buy rating in a report on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Scorpio Tankers currently has an average rating of Hold and an average target price of $6.88.
Shares of Scorpio Tankers (NASDAQ:STNG) traded up 1.740% on Monday, hitting $4.385. The company’s stock had a trading volume of 190,209 shares. The stock’s 50-day moving average price is $4.76 and its 200-day moving average price is $5.16. The firm has a market cap of $707.66 million and a price-to-earnings ratio of 5.029. Scorpio Tankers has a 52 week low of $4.05 and a 52 week high of $9.76.
Scorpio Tankers (NASDAQ:STNG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by $0.03. The firm earned $137.21 million during the quarter, compared to the consensus estimate of $146.20 million. During the same quarter in the prior year, the company posted $0.32 EPS. The firm’s quarterly revenue was down 27.2% on a year-over-year basis. Equities analysts expect that Scorpio Tankers will post $0.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 11.60%. The ex-dividend date was Tuesday, September 13th.
Hedge funds and other institutional investors have recently modified their holdings of the stock. IBM Retirement Fund purchased a new position in shares of Scorpio Tankers during the second quarter worth approximately $108,000. American Century Companies Inc. raised its stake in Scorpio Tankers by 78.9% in the second quarter. American Century Companies Inc. now owns 1,600,455 shares of the company’s stock valued at $6,722,000 after buying an additional 705,821 shares during the period. Commerzbank Aktiengesellschaft FI bought a new stake in Scorpio Tankers during the second quarter valued at about $135,000. Putnam FL Investment Management Co. raised its stake in Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock valued at $142,000 after buying an additional 5,460 shares during the period. Finally, Wedbush Securities Inc. raised its stake in Scorpio Tankers by 410.1% in the second quarter. Wedbush Securities Inc. now owns 67,142 shares of the company’s stock valued at $282,000 after buying an additional 53,979 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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