Scorpio Tankers Inc. (STNG) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Scorpio Tankers Inc. (NASDAQ:STNG) from a sell rating to a hold rating in a report issued 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. “
A number of other equities analysts have also issued reports on STNG. BidaskClub lowered Scorpio Tankers from a sell rating to a strong sell rating in a research report on Monday, August 14th. Stifel Nicolaus reissued a buy rating and set a $7.00 price target (down from $8.00) on shares of Scorpio Tankers in a research report on Wednesday, September 20th. Jefferies Group LLC reissued a buy rating and set a $5.50 price target on shares of Scorpio Tankers in a research report on Tuesday, October 31st. Finally, Credit Suisse Group set a $7.00 price target on Scorpio Tankers and gave the company a buy rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Scorpio Tankers currently has a consensus rating of Buy and an average target price of $6.33.
Shares of Scorpio Tankers (NASDAQ:STNG) traded down $0.01 on Thursday, hitting $3.43. The company’s stock had a trading volume of 1,959,900 shares, compared to its average volume of 3,072,710. Scorpio Tankers has a one year low of $3.20 and a one year high of $4.93.
Scorpio Tankers (NASDAQ:STNG) last announced its earnings results on Monday, September 18th. The shipping company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by ($0.04). Scorpio Tankers had a negative net margin of 57.63% and a negative return on equity of 19.98%. The business had revenue of $118.40 million during the quarter, compared to analyst estimates of $130.03 million. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis.
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Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Scorpio Tankers by 8.5% in the second 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. FMR LLC lifted its holdings in shares of Scorpio Tankers by 160.9% in the second 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. Bank of New York Mellon Corp lifted its holdings in shares of Scorpio Tankers by 656.7% in the third quarter. Bank of New York Mellon Corp now owns 4,850,603 shares of the shipping company’s stock valued at $16,637,000 after buying an additional 4,209,596 shares during the period. Boston Partners lifted its holdings in shares of Scorpio Tankers by 7.6% in the third quarter. Boston Partners now owns 4,591,488 shares of the shipping company’s stock valued at $15,749,000 after buying an additional 325,600 shares during the period. Finally, Investec Asset Management LTD lifted its holdings in shares of Scorpio Tankers by 6.3% during the second quarter. Investec Asset Management LTD now owns 4,080,901 shares of the shipping company’s stock valued at $16,201,000 after purchasing an additional 241,429 shares during the last quarter.
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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