In a report released yesterday, Liam Burke from B.Riley FBR maintained a Hold rating on Scorpio Tankers Inc (STNG), with a price target of $2.20. The company’s shares opened today at $1.99.
Burke wrote:
“The management of Scorpio hosted an analyst day on 12/11. The product tankers segment has seen a strong rebound in both spot rates and second-hand vessel values, which puts the Scorpio tanker fleet in a very favorable position, in our view. Product carriers may see continued momentum driven by a relatively small order book, an increase in cross regional trade, and the implementation of IMO 2020 that will increase the need for product carriers to deliver low sulphur fuel oil (LSF) and marine gas oil (MGO). In addition, the current strength in crude markets, despite Iranian sanctions, are making dirty more attractive than refined petroleum, which is creating additional demand for product tankers with fewer crude tankers carrying clean products.”
According to TipRanks.com, Burke is ranked #4382 out of 5108 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Scorpio Tankers Inc with a $2.84 average price target.
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The company has a one-year high of $3.33 and a one-year low of $1.48. Currently, Scorpio Tankers Inc has an average volume of 5.66M.
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Scorpio Tankers, Inc. engages in the provision of marine transportation of petroleum products. It operates through the following business segments: Handymax, MR, Panamax/LR1, and Aframax/LR2. The company was founded by Emanuele A. Lauro on July 1, 2009 and is headquartered in Monaco.
