BofA analyst Ken Hoexter raised the firm’s price target on Scorpio Tankers (STNG) to $73 from $69 and keeps a Buy rating on the shares after the company announced it sold four MR product tankers from its 96 vessel fleet for $32M each and acquired four newbuild MR vessels, which are currently under construction, for $45M each. The firm applies a higher multiple to its revised 2026 EBITDA estimate, noting that it slightly decreased its 2026 and 2027 EPS estimates by 3% and 1%, respectively, on a lower fleet count following its planned sale and timing of new vessel adds.
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Read More on STNG:
- Scorpio Tankers’ Strategic Fleet Renewal and Market Positioning Justifies Buy Rating
- Scorpio Tankers Announces Fleet Modernization with New Vessel Acquisitions
- Scorpio Tankers management to meet virtually with B. Riley
- Scorpio Tankers to sell four MR product tankers, buy four MR newbuilding vessels
- Scorpio Tankers price target raised to $80 from $77 at Evercore ISI