Bank of America Securities analyst Ken Hoexter has reiterated their bullish stance on STNG stock, giving a Buy rating on October 28.
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Ken Hoexter has given his Buy rating due to a combination of factors influencing Scorpio Tankers’ performance. Despite softer rates in the fourth quarter to date, the company is expected to benefit from the unwinding of OPEC+ production cuts and EU sanctions on Russia, which have tightened the supply and demand balance. This situation is anticipated to lead to stronger rates as the market progresses into the seasonally strong winter period.
Additionally, the company’s Chief Commercial Officer anticipates fewer uncoated tankers in the market, which should further tighten supply dynamics and drive stronger product tanker rates in the first quarter of 2026. As a result, Ken Hoexter has raised the price objective to $69, reflecting a positive outlook on Scorpio Tankers’ ability to capitalize on these market conditions, despite a slight reduction in the target multiple due to softer current quarter rates.
According to TipRanks, Hoexter is a 3-star analyst with an average return of 2.2% and a 48.80% success rate. Hoexter covers the Industrials sector, focusing on stocks such as CSX, CH Robinson, and Union Pacific.
In another report released on October 28, Evercore ISI also maintained a Buy rating on the stock with a $70.00 price target.