Scorpio Tankers (STNG) has risen sharply, recording gains of 15.21% in the past 4 weeks. However, the stock has corrected -0.77% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 14.04% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 7.21% and the 50-Day Moving Average is 7.35%. Scorpio Tankers (NYSE:STNG): On Fridays trading session , Opening price of the stock was $5.2 with an intraday high of $5.22. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $5.11. However, the stock managed to close at $5.15, a loss of 0.39% for the day. On the previous day, the stock had closed at $5.17. The total traded volume of the day was 1,691,603 shares.
Institutional Investors own 83.79% of Scorpio Tankers shares. Also, Jefferies maintains its rating on Scorpio Tankers (NYSE:STNG). The global brokerage major lowers the current price target from $10 per share to $7 per share. Analysts at the Jefferies have a current rating of Buy on the shares. The rating by the firm was issued on July 27, 2016.
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.