Credit Suisse Group set a $7.00 price objective on Scorpio Tankers Inc. (NASDAQ:STNG) in a research note issued to investors on Monday, July 31st. The brokerage currently has a buy rating on the shipping company’s stock.
Other research analysts also recently issued research reports about the stock. Jefferies Group LLC reissued a buy rating and set a $5.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a research report on Saturday, July 22nd. Seaport Global Securities reaffirmed a buy rating and issued a $7.50 price objective on shares of Scorpio Tankers in a research report on Thursday, May 25th. Stifel Nicolaus reaffirmed a buy rating and issued a $8.00 price objective on shares of Scorpio Tankers in a research report on Thursday, May 25th. Bank of America Corporation raised shares of Scorpio Tankers from an underperform rating to a buy rating and set a $6.00 price objective on the stock in a research report on Friday, May 12th. Finally, Cowen and Company reaffirmed an outperform rating and issued a $7.00 price objective (down previously from $10.00) on shares of Scorpio Tankers in a research report on Thursday, April 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Scorpio Tankers has an average rating of Buy and an average price target of $6.44.
Shares of Scorpio Tankers (STNG) opened at 3.51 on Monday. Scorpio Tankers has a 52-week low of $3.20 and a 52-week high of $5.40. The company has a 50 day moving average price of $3.67 and a 200-day moving average price of $3.96. The firm’s market cap is $571.12 million.
A number of large investors have recently modified their holdings of STNG. State Street Corp raised its stake in Scorpio Tankers by 4.9% in the fourth quarter. State Street Corp now owns 3,021,986 shares of the shipping company’s stock worth $13,688,000 after buying an additional 142,519 shares during the last quarter. Norges Bank acquired a new stake in Scorpio Tankers during the fourth quarter worth about $2,881,000. Teachers Advisors LLC boosted its position in shares of Scorpio Tankers by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 271,668 shares of the shipping company’s stock valued at $1,231,000 after buying an additional 6,788 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Scorpio Tankers during the first quarter valued at $158,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Scorpio Tankers during the first quarter valued at $1,240,000.
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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