Scorpio Tankers Inc. (NASDAQ:STNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
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 research analysts have also recently issued research reports about the stock. Credit Suisse Group AG reiterated an “outperform” rating on shares of Scorpio Tankers in a report on Wednesday, June 1st. Jefferies Group set a $7.00 price target on shares of Scorpio Tankers and gave the company a “buy” rating in a report on Wednesday, July 27th. Deutsche Bank AG set a $9.00 price target on shares of Scorpio Tankers and gave the company a “buy” rating in a report on Monday, August 1st. ABN Amro cut shares of Scorpio Tankers from a “buy” rating to a “sell” rating in a report on Thursday, June 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $4.50 price target (down previously from $6.00) on shares of Scorpio Tankers in a report on Friday, August 26th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $6.83.
Scorpio Tankers (NASDAQ:STNG) opened at 4.57 on Wednesday. Scorpio Tankers has a 52-week low of $4.05 and a 52-week high of $10.33. The stock has a market capitalization of $737.51 million and a price-to-earnings ratio of 5.24. The stock’s 50 day moving average is $4.94 and its 200-day moving average is $5.28.
Scorpio Tankers (NASDAQ:STNG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.04 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.03. The firm had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $146.20 million. During the same quarter last year, the firm posted $0.32 EPS. The firm’s revenue was down 27.2% on a year-over-year basis. Equities research analysts anticipate that Scorpio Tankers will post $0.30 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.50 dividend on an annualized basis and a yield of 10.94%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. IBM Retirement Fund bought a new position in shares of Scorpio Tankers during the second quarter worth $108,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Scorpio Tankers during the second quarter worth $113,000. FDx Advisors Inc. increased its position 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 worth $127,000 after buying an additional 10,105 shares during the period. Commerzbank Aktiengesellschaft FI bought a new position in shares of Scorpio Tankers during the second quarter worth $135,000. Finally, Putnam FL Investment Management Co. increased its position in shares of Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock worth $142,000 after buying an additional 5,460 shares during the period.
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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