Scorpio Tankers (NYSE:STNG) Price Target Cut to $80.00 by Analysts at Jefferies Financial Group

Scorpio Tankers (NYSE:STNG) had its target price cut by Jefferies Financial Group from $90.00 to $80.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the shipping company’s stock.

Other analysts have also issued research reports about the stock. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price target for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Bank of America cut their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Evercore ISI lowered their price target on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Finally, StockNews.com downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $76.40.

Scorpio Tankers Stock Down 1.3 %

Shares of STNG traded down $0.72 during trading hours on Thursday, reaching $54.25. The company’s stock had a trading volume of 308,234 shares, compared to its average volume of 919,105. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 3.94 and a beta of 0.18. Scorpio Tankers has a 1-year low of $52.68 and a 1-year high of $84.67. The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $65.72 and a two-hundred day moving average of $72.93.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.14. The business had revenue of $267.99 million for the quarter, compared to the consensus estimate of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. Scorpio Tankers’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the company posted $1.91 earnings per share. As a group, research analysts predict that Scorpio Tankers will post 11.13 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.60 annualized dividend and a yield of 2.95%. Scorpio Tankers’s payout ratio is presently 11.47%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in STNG. Janney Montgomery Scott LLC bought a new position in shares of Scorpio Tankers in the 1st quarter worth approximately $596,000. Acadian Asset Management LLC lifted its position in Scorpio Tankers by 101.4% in the first quarter. Acadian Asset Management LLC now owns 19,456 shares of the shipping company’s stock worth $1,391,000 after buying an additional 9,798 shares during the last quarter. Cetera Investment Advisers purchased a new position in Scorpio Tankers during the first quarter worth $2,107,000. Price T Rowe Associates Inc. MD boosted its stake in Scorpio Tankers by 354.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,439 shares of the shipping company’s stock worth $3,896,000 after buying an additional 42,451 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Scorpio Tankers during the second quarter valued at $1,098,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.