Deutsche Bank AG Downgrades Scorpio Tankers Inc. (STNG) to Hold
Scorpio Tankers Inc. (NASDAQ:STNG) was downgraded by equities research analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a report released on Tuesday.
A number of other equities analysts also recently commented on the company. Zacks Investment Research downgraded Scorpio Tankers from a “hold” rating to a “sell” rating in a research note on Thursday, October 13th. Jefferies Group set a $7.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley restated an “equal weight” rating and issued a $4.50 target price (down from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Credit Suisse Group AG restated a “buy” rating and issued a $7.00 target price on shares of Scorpio Tankers in a research note on Monday, October 17th. Finally, Clarkson Capital downgraded Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $6.88.
Scorpio Tankers (NASDAQ:STNG) opened at 3.91 on Tuesday. The stock has a market capitalization of $631.00 million and a P/E ratio of 4.48. Scorpio Tankers has a 1-year low of $3.61 and a 1-year high of $9.16. The company has a 50-day moving average price of $4.36 and a 200 day moving average price of $4.92.
Scorpio Tankers (NASDAQ:STNG) last issued its earnings results on Monday, November 14th. The company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.01. The business earned $114.34 million during the quarter, compared to the consensus estimate of $118.30 million. During the same period in the prior year, the firm posted $0.46 EPS. The firm’s revenue for the quarter was down 49.9% compared to the same quarter last year. On average, equities analysts predict that Scorpio Tankers will post $0.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Stockholders of record on Friday, November 25th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.50 annualized dividend and a dividend yield of 12.79%.
Several institutional investors have recently modified their holdings of STNG. Synovus Financial Corp increased its position in shares of Scorpio Tankers by 52.3% in the third quarter. Synovus Financial Corp now owns 21,675 shares of the company’s stock valued at $100,000 after buying an additional 7,445 shares in the last quarter. RBF Capital LLC purchased a new stake in shares of Scorpio Tankers during the third quarter valued at approximately $106,000. IBM Retirement Fund purchased a new stake in shares of Scorpio Tankers during the second quarter valued at approximately $108,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scorpio Tankers during the second quarter valued at approximately $113,000. Finally, FDx Advisors Inc. boosted 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 valued at $127,000 after buying an additional 10,105 shares during the last quarter.
Scorpio Tankers Company Profile
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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