Scorpio Tankers (STNG) Downgraded by Zacks Investment Research

Scorpio Tankers (NYSE:STNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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. “

A number of other analysts have also recently commented on the company. BidaskClub raised Scorpio Tankers from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Stifel Nicolaus set a $8.00 price target on Scorpio Tankers and gave the company a “buy” rating in a research note on Monday, August 28th. Credit Suisse Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Scorpio Tankers in a research note on Tuesday, September 19th. Jefferies Group reaffirmed a “buy” rating and issued a $5.50 price target on shares of Scorpio Tankers in a research note on Tuesday, October 31st. Finally, UBS raised Scorpio Tankers from a “neutral” rating to a “buy” rating and set a $5.50 price target for the company in a research note on Monday, November 13th. Two research analysts have rated the stock with a sell rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $6.28.

Shares of Scorpio Tankers (STNG) opened at $3.17 on Wednesday. Scorpio Tankers has a twelve month low of $2.99 and a twelve month high of $4.93. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.03 and a quick ratio of 0.99.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Thursday, November 16th. The shipping company reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.04). The firm had revenue of $123.20 million for the quarter, compared to the consensus estimate of $129.54 million. Scorpio Tankers had a negative return on equity of 6.47% and a negative net margin of 31.12%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) earnings per share. research analysts anticipate that Scorpio Tankers will post -0.39 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its position in shares of Scorpio Tankers by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 124,670 shares of the shipping company’s stock valued at $495,000 after purchasing an additional 1,315 shares during the period. Principal Financial Group Inc. grew its position in shares of Scorpio Tankers by 5.1% in the 2nd quarter. Principal Financial Group Inc. now owns 27,152 shares of the shipping company’s stock valued at $108,000 after purchasing an additional 1,316 shares during the period. Comerica Securities Inc. grew its position in shares of Scorpio Tankers by 0.5% in the 2nd quarter. Comerica Securities Inc. now owns 423,883 shares of the shipping company’s stock valued at $1,683,000 after purchasing an additional 2,061 shares during the period. Wells Fargo & Company MN grew its position in shares of Scorpio Tankers by 0.8% in the 2nd quarter. Wells Fargo & Company MN now owns 558,058 shares of the shipping company’s stock valued at $2,215,000 after purchasing an additional 4,320 shares during the period. Finally, Nationwide Fund Advisors grew its position in shares of Scorpio Tankers by 4.0% in the 2nd quarter. Nationwide Fund Advisors now owns 131,118 shares of the shipping company’s stock valued at $521,000 after purchasing an additional 5,041 shares during the period. Institutional investors and hedge funds own 59.04% of the company’s stock.

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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, 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).

Analyst Recommendations for Scorpio Tankers (NYSE:STNG)

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