Scorpio Tankers Inc. (STNG) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Scorpio Tankers Inc. (NASDAQ:STNG) from a hold rating to a sell rating in a research note released on Saturday morning.
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. “
Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus reiterated a buy rating and set a $7.00 target price (down from $8.00) on shares of Scorpio Tankers in a research note on Wednesday, September 20th. BidaskClub cut shares of Scorpio Tankers from a hold rating to a sell rating in a research note on Tuesday, July 11th. Credit Suisse Group set a $7.00 target price on shares of Scorpio Tankers and gave the company a buy rating in a research note on Monday, July 31st. Finally, Jefferies Group LLC reiterated a buy rating and set a $5.50 target price (down from $6.00) on shares of Scorpio Tankers in a research note on Saturday, July 22nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $6.33.
Scorpio Tankers (STNG) traded up 3.93% during midday trading on Friday, reaching $3.70. 2,980,503 shares of the company were exchanged. The firm’s 50-day moving average is $3.56 and its 200-day moving average is $3.81. The firm’s market cap is $1.04 billion. Scorpio Tankers has a one year low of $3.20 and a one year high of $4.93.
Scorpio Tankers (NASDAQ:STNG) last issued its quarterly earnings data on Monday, September 18th. The shipping company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.04). Scorpio Tankers had a negative return on equity of 19.98% and a negative net margin of 57.63%. The firm had revenue of $118.40 million during the quarter, compared to analyst estimates of $130.03 million. The business’s revenue for the quarter was down 13.7% compared to the same quarter last year. On average, equities analysts expect that Scorpio Tankers will post ($0.16) EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Monday, September 25th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, September 22nd.
A number of institutional investors have recently made changes to their positions in STNG. FMR LLC increased its holdings in Scorpio Tankers by 160.9% in the 2nd quarter. FMR LLC now owns 7,483,484 shares of the shipping company’s stock valued at $29,710,000 after buying an additional 4,615,440 shares during the period. Laurion Capital Management LP bought a new stake in Scorpio Tankers in the 2nd quarter valued at $7,943,000. Solus Alternative Asset Management LP bought a new stake in Scorpio Tankers in the 2nd quarter valued at $4,963,000. Dimensional Fund Advisors LP increased its holdings in Scorpio Tankers by 8.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,987,443 shares of the shipping company’s stock valued at $63,471,000 after buying an additional 1,247,930 shares during the period. Finally, UBS Oconnor LLC increased its holdings in Scorpio Tankers by 251.6% in the 2nd quarter. UBS Oconnor LLC now owns 1,556,863 shares of the shipping company’s stock valued at $6,181,000 after buying an additional 1,114,023 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, 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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