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 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 also recently weighed in on STNG. Clarkson Capital downgraded Scorpio Tankers from a “buy” rating to a “neutral” rating in a report on Monday, October 3rd. Deutsche Bank AG reiterated a “buy” rating and issued a $9.00 target price on shares of Scorpio Tankers in a report on Wednesday, July 6th. Morgan Stanley reiterated an “equal weight” rating and issued a $4.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a report on Friday, August 26th. Jefferies Group set a $7.00 target price on Scorpio Tankers and gave the company a “buy” rating in a report on Wednesday, July 27th. Finally, ABN Amro downgraded Scorpio Tankers from a “buy” rating to a “sell” rating in a report on Thursday, June 30th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Scorpio Tankers currently has a consensus rating of “Hold” and a consensus target price of $6.83.
Shares of Scorpio Tankers (NASDAQ:STNG) opened at 4.55 on Thursday. The company has a 50-day moving average of $4.81 and a 200-day moving average of $5.20. Scorpio Tankers has a 12-month low of $4.05 and a 12-month high of $9.83. The stock has a market capitalization of $734.28 million and a P/E ratio of 5.22.
Scorpio Tankers (NASDAQ:STNG) last issued its earnings results on Thursday, July 28th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by $0.03. The firm earned $137.21 million during the quarter, compared to the consensus estimate of $146.20 million. Scorpio Tankers’s revenue for the quarter was down 27.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. Equities analysts expect that Scorpio Tankers will post $0.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were issued a $0.125 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.50 dividend on an annualized basis and a yield of 10.99%.
A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Scorpio Tankers by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 14,295,416 shares of the company’s stock worth $60,042,000 after buying an additional 320,647 shares in the last quarter. FMR LLC increased its position in Scorpio Tankers by 151.0% in the second quarter. FMR LLC now owns 7,555,147 shares of the company’s stock worth $31,732,000 after buying an additional 4,545,067 shares in the last quarter. Vanguard Group Inc. increased its position in Scorpio Tankers by 15.6% in the second quarter. Vanguard Group Inc. now owns 6,258,979 shares of the company’s stock worth $26,288,000 after buying an additional 844,186 shares in the last quarter. Carlson Capital L P purchased a new position in Scorpio Tankers during the second quarter worth approximately $16,968,000. Finally, Comerica Bank increased its position in Scorpio Tankers by 2.6% in the second quarter. Comerica Bank now owns 3,112,722 shares of the company’s stock worth $16,186,000 after buying an additional 78,438 shares in 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, 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.