Zacks Investment Research Lowers Scorpio Tankers (STNG) to Sell
Zacks Investment Research cut shares of Scorpio Tankers (NYSE:STNG) from a hold rating to a sell rating in a research note issued to investors on Wednesday 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. “
Several other research firms have also weighed in on STNG. Jefferies Group started coverage on shares of Scorpio Tankers in a report on Monday, December 18th. They set a buy rating and a $5.00 target price for the company. Stifel Nicolaus cut their target price on shares of Scorpio Tankers from $7.00 to $6.00 and set a buy rating for the company in a report on Wednesday, November 29th. Morgan Stanley cut their price target on shares of Scorpio Tankers from $5.50 to $5.00 and set an overweight rating for the company in a report on Friday, November 17th. BidaskClub raised shares of Scorpio Tankers from a strong sell rating to a sell rating in a report on Friday, August 25th. Finally, UBS Group raised shares of Scorpio Tankers from a neutral rating to a buy rating and set a $5.50 price target for the company in a report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $6.28.
Scorpio Tankers (STNG) opened at $3.16 on Wednesday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 1.03. The firm has a market cap of $997.28, a P/E ratio of -4.00 and a beta of 1.58. Scorpio Tankers has a 1-year low of $2.99 and a 1-year high of $4.93.
Scorpio Tankers (NYSE:STNG) last posted its earnings results on Thursday, November 16th. The shipping company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.04). The firm had revenue of $123.20 million for the quarter, compared to analysts’ expectations of $129.54 million. Scorpio Tankers had a negative net margin of 31.12% and a negative return on equity of 6.47%. Scorpio Tankers’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) earnings per share. sell-side analysts anticipate that Scorpio Tankers will post -0.38 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.27%. The ex-dividend date is Tuesday, December 12th. Scorpio Tankers’s payout ratio is presently -5.06%.
A number of hedge funds and other institutional investors have recently modified their holdings of STNG. 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 worth $108,000 after purchasing 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 worth $146,000 after purchasing an additional 21,250 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Scorpio Tankers during the 2nd quarter worth $154,000. BlueCrest Capital Management Ltd boosted its stake in Scorpio Tankers by 498.3% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 70,897 shares of the shipping company’s stock worth $281,000 after purchasing an additional 59,048 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Scorpio Tankers by 66.2% during the 3rd quarter. Legal & General Group Plc now owns 85,648 shares of the shipping company’s stock worth $296,000 after purchasing an additional 34,129 shares during the last quarter. 59.04% of the stock is owned by institutional investors.
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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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