Chart of the Day: Smooth Sailing for Scorpio Tankers
The Chart of the Day belongs oil tanker company Scorpio Tankers (STNG). I found the stock by using Barchart's powerful screening function to find the stocks with the highest Weighted Alpha and technical buy signals then sorted that list by the most frequent number of new highs in the last month. I then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Spotter signaled a buy on 4/27 the stock gained 28.99%.
Scorpio Tankers Inc., together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 18, 2022, the company's fleet consisted of 124 owned, finance leased, or bareboat chartered-in tankers, including 42 LR2, 6 LR1, 62 MR, and 14 Handymax with a weighted average age of approximately 6.2 years. Scorpio Tankers Inc. was incorporated in 2009 and is based in Monaco.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 72.09+ Weighted Alpha
- 35.51% gain in the last year
- Trend Spotter buy signal
- Above its 20, 50, 100 and 200 day moving averages
- 12 new highs and up 42.76% in the last month
- Relative Strength Index 72.09%
- Technical support level at 29.67
- Recently traded at 30.46 with a 50 day moving average of 23.39
- Market Cap $1.83 billion
- Revenue expected to grow 65.20
- Earnings estimated to increase 184.40
Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analysts issued 4 strong buy, 10 buy, 1 hold opinion on the stock
- The consensus price target is 31.38 with a high target of 44.00
- The individual investors on Motley Fool voted 38 to 4 that the stock will beat the market with the more experienced investors voting 3 to 0 for the same result
- 13,480 investors are monitoring the stock on Seeking Alpha
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in STNG, over the next 72 hours.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.