Price Target Update on Scorpio Tankers (NYSE:STNG)

Scorpio Tankers (NYSE:STNG) : The highest level Scorpio Tankers (NYSE:STNG) is projected to reach is $13 for the short term and the lowest estimate is at $7. The consolidated price target from 9 rating analysts who initiate coverage on the stock is $9.31 and the possibility the share price can swing is $1.78.

Other Equity analysts have also commented on the company shares. In a research note released to the investors, Credit Suisse maintains its rating on Scorpio Tankers (NYSE:STNG).The analysts at the brokerage house have a current rating of Outperform on the shares. In a recent information released to the investors, Credit Suisse lowers the new price target from $15 per share to $10 per share. The rating by the firm was issued on February 29, 2016.

Scorpio Tankers (NYSE:STNG): stock turned positive on Thursday. Though the stock opened at $4.66, the bulls momentum made the stock top out at $4.76 level for the day. The stock recorded a low of $4.63 and closed the trading day at $4.65, in the green by 1.97%. The total traded volume for the day was 2,799,015. The stock had closed at $4.56 in the previous days trading.

The company shares have dropped -54.90% from its 1 Year high price. On Jul 23, 2015, the shares registered one year high at $11.64 and the one year low was seen on Jun 22, 2016. The 50-Day Moving Average price is $5.50 and the 200 Day Moving Average price is recorded at $6.12.

Scorpio Tankers Inc. is a provider of seaborne transportation of refined petroleum products and crude oil to the international shipping markets. The Companys fleet consists of 66 wholly owned tankers (10 LR2 tankers, two LR1 tankers, 15 Handymax tankers and 39 MR 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). In addition, the Company has contracts for the construction of 14 newbuilding product tankers (six MR tankers and eight LR2 tankers) (Newbuilding Program). The Companys total oil tanker fleet (crude, products and product/chemical tankers) consisted of 3,138 ships with a combined capacity of 407 million deadweight tonnage.

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