BofA raised the firm’s price target on Scorpio Tankers (STNG) to $66 from $60 and keeps a Buy rating on the shares after Scorpio sold three of its 99 vessel fleet for $164M, effectively reducing its pro-forma net debt position to “a relatively minor” $131M. The firm lowers its 2025 and 2026 revenue estimates by 0.5% and 3.4%, respectively, given the lower fleet count/revenue days, but cites stronger asset values for its raised target and sees accelerating cash generation from seasonally improving product tanker rates in Q4.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on STNG:
- Scorpio Tankers: Strategic Asset Sales and Favorable Market Conditions Drive Buy Rating
- Scorpio Tankers Announces Sale of Two LR2 Product Tankers and Debt Update
- Scorpio Tankers to sell two 2019 built scrubber-fitted LR2 product tankers
- Scorpio Tankers Expands Equity Incentive Plan with 748,000 Additional Shares
- Scorpio Tankers Announces Sale of STI Maestro for $42 Million