Morgan Stanley Cuts Scorpio Tankers Inc. (STNG) Price Target to $5.00
Scorpio Tankers Inc. (NYSE:STNG) had its price target lowered by Morgan Stanley from $5.50 to $5.00 in a research report released on Friday morning. The brokerage currently has an overweight rating on the shipping company’s stock.
STNG has been the subject of several other reports. Credit Suisse Group restated a buy rating and issued a $7.00 target price on shares of Scorpio Tankers in a research note on Tuesday, September 19th. Zacks Investment Research downgraded shares of Scorpio Tankers from a hold rating to a sell rating in a research note on Saturday, October 21st. Stifel Nicolaus restated a buy rating and issued a $7.00 target price (down from $8.00) on shares of Scorpio Tankers in a research note on Wednesday, September 20th. BidaskClub downgraded shares of Scorpio Tankers from a sell rating to a strong sell rating in a research note on Friday, July 28th. Finally, UBS AG upgraded shares of Scorpio Tankers from a neutral rating to a buy rating and set a $5.50 target price for the company in a research note on Monday, November 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have given a buy rating to the company. Scorpio Tankers presently has a consensus rating of Buy and a consensus price target of $6.44.
Shares of Scorpio Tankers (NYSE:STNG) opened at $3.40 on Friday. Scorpio Tankers has a 52-week low of $3.20 and a 52-week high of $4.93. The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59.
Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, November 16th. The shipping company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.04). Scorpio Tankers had a negative return on equity of 6.47% and a negative net margin of 31.12%. The business had revenue of $123.20 million during the quarter, compared to analyst estimates of $129.54 million. During the same period in the previous year, the company earned ($0.11) EPS. Scorpio Tankers’s revenue was up 7.8% on a year-over-year basis. analysts forecast that Scorpio Tankers will post -0.23 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be paid a dividend of $0.01 per share. The ex-dividend date is Tuesday, December 12th. This represents a $0.04 dividend on an annualized basis and a yield of 1.18%. Scorpio Tankers’s dividend payout ratio (DPR) is -5.06%.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in Scorpio Tankers by 5.1% during the 2nd quarter. Principal Financial Group Inc. now owns 27,152 shares of the shipping company’s stock valued at $108,000 after acquiring an additional 1,316 shares during the last quarter. MML Investors Services LLC boosted its stake in Scorpio Tankers by 137.2% during the 2nd quarter. MML Investors Services LLC now owns 36,743 shares of the shipping company’s stock valued at $146,000 after acquiring an additional 21,250 shares during the last quarter. GSA Capital Partners LLP bought a new position in Scorpio Tankers during the 2nd quarter valued at $154,000. KCG Holdings Inc. boosted its stake in Scorpio Tankers by 238.6% during the 1st quarter. KCG Holdings Inc. now owns 45,238 shares of the shipping company’s stock valued at $201,000 after acquiring an additional 31,877 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in Scorpio Tankers by 54.9% during the 1st quarter. OppenheimerFunds Inc. now owns 62,023 shares of the shipping company’s stock valued at $275,000 after acquiring an additional 21,986 shares during the last quarter. Hedge funds and other institutional investors own 56.33% of the company’s stock.
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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