Why Has Deutsche Bank Given Scorpio Tankers (NYSE:STNG) a $9 Price Target
Deutsche Bank analyst began coverage with a Hold rating on Scorpio Tankers (NYSE:STNG) today and set a price target of $9. The firm’s shares opened today at 7.65.
The stock decreased 3.77% or $0.3 on December 15, striking $7.65. Approximately 2.58M shares of stock traded hands or 8.40% up from the average. Scorpio Tankers Inc. (NYSE:STNG) has declined 13.40% since May 12, 2015 and is downtrending. It has underperformed by 9.72% the S&P500.
Scorpio Tankers Inc. is a provider of seaborne transportation of refined petroleum products and crude oil to the international shipping markets. The company has a market cap of $1.42 billion. The Company’s fleet consists of 66 wholly owned tankers with a weighted average age of approximately 1.1 years and 20 time chartered-in tankers, which it operate (seven Handymax tankers, three MR tankers, five LR1 tankers and five LR2 tankers). It has 8.26 P/E ratio. In addition, the Company has contracts for the construction of 14 newbuilding product tankers (six MR tankers and eight LR2 tankers) (Newbuilding Program).
According to Zacks Investment Research, “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.”