UPDATE: Stifel Reiterates on Scorpio Tankers Following Slight 3Q13 EPS Miss

In a report published Tuesday, Stifel analyst Benjamin Nolan reiterated a Buy rating on Scorpio Tankers (NYSE: STNG), and raised the price target from $13.00 to $15.00.

In the report, Stifel noted, “[STNG] reported EPS of $0.00, slightly missing our estimate and the Street consensus of $0.01. Higher than expected MR and Handysize spot rates were partially offset by lower than expected LR2 and LR1 rates. Charter hire and G&A expenses were also slightly higher than anticipated. Scorpio announced a quarterly divided of $0.07 per share (double the previous level $0.035) payable to shareholders of record as of December 3, 2013. Management has stated on numerous occasions that as cash flows grow, they will seek to return cash to shareholders. This marks the third consecutive quarterly increase in dividend payments.”

Scorpio Tankers closed on Monday at $11.54.