Bank of America Corp DE raised its position in Scorpio Tankers Inc. (NASDAQ:STNG) by 13.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,068,861 shares of the shipping company’s stock after buying an additional 122,772 shares during the period. Bank of America Corp DE owned 0.66% of Scorpio Tankers worth $4,746,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of STNG. Impala Asset Management LLC purchased a new stake in Scorpio Tankers during the first quarter worth $14,042,000. Boston Partners increased its stake in Scorpio Tankers by 47.6% in the first quarter. Boston Partners now owns 4,782,108 shares of the shipping company’s stock worth $21,233,000 after buying an additional 1,542,838 shares during the last quarter. Schroder Investment Management Group purchased a new stake in Scorpio Tankers during the first quarter worth $3,267,000. Wellington Management Group LLP increased its stake in Scorpio Tankers by 3.6% in the first quarter. Wellington Management Group LLP now owns 19,933,081 shares of the shipping company’s stock worth $88,503,000 after buying an additional 684,099 shares during the last quarter. Finally, Norges Bank purchased a new stake in Scorpio Tankers during the fourth quarter worth $2,881,000.
Shares of Scorpio Tankers Inc. (NASDAQ:STNG) traded down 1.75% on Friday, hitting $3.36. The stock had a trading volume of 2,317,858 shares. The stock’s market cap is $546.71 million. Scorpio Tankers Inc. has a 12 month low of $3.32 and a 12 month high of $5.53. The company has a 50 day moving average price of $3.76 and a 200-day moving average price of $3.98.
A number of equities research analysts have weighed in on the company. Credit Suisse Group set a $7.00 price target on Scorpio Tankers and gave the company a “buy” rating in a research report on Wednesday, May 24th. Jefferies Group LLC restated a “buy” rating and set a $6.00 price target on shares of Scorpio Tankers in a research report on Thursday, May 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $8.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 25th. BidaskClub cut Scorpio Tankers from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Finally, Bank of America Corporation raised Scorpio Tankers from an “underperform” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Friday, May 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Scorpio Tankers has a consensus rating of “Buy” and a consensus price target of $6.44.
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).
Receive News & Ratings for Scorpio Tankers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Tankers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.