STNG attracted a rare Wall Street pivot today. Bank of America's Ken Hoexter upgraded the stock from Underperform to Buy — a full two-notch reversal — and lifted his price target from $76 to $100. The stock currently trades at $82.56, implying 21% upside to his new target.
The BofA upgrade is the standout. Hoexter had been the lone prominent bear on the name as recently as March 31, when he held an Underperform rating with a $72 target. Today's move to Buy at $100 marks a sharp reassessment.
He isn't alone. Four analyst actions have come in quick succession. BTIG's Gregory Lewis raised his target to $100 from $85 on May 5. Jefferies initiated with Buy at $90 on April 24. Evercore ISI lifted its Outperform target to $93 on April 22. The consensus now sits firmly at Buy, with seven Buy ratings and zero Sells.
Options traders are leaning the same direction. The put/call ratio hit 0.61 on May 6 — a 2.5-standard-deviation low versus the 20-day mean of 0.72. Call buying is dominant. That's notable because the stock fell 4.7% on the same day, meaning traders used the dip to add bullish exposure rather than hedge.
The PCR has been drifting lower all week. It stood at 0.72 just a fortnight ago. The trend is consistent: calls are being accumulated.
Short interest rose sharply in late April, jumping from around 1.4 million shares to 2.35 million. It now sits at 5.0% of free float. That's a meaningful level — and a 44% increase over the past month.
The borrow market tells an interesting sub-story. Cost to borrow spiked to 1.50% on April 28, then pulled back sharply. It now stands at 0.48%, the lowest since late March. Availability remains loose. The short-side pressure hasn't translated into a sustained squeeze on borrow supply.
Insider holders are building. CEO Emanuele Lauro added 62,076 shares as of March 19. COO Robert Bugbee added 102,183 shares. Cameron Mackey added 138,421 shares. BlackRock increased its position by 238,822 shares in the most recent filing. The buying cluster at the management and institutional level corroborates the bullish analyst pivot.
The dividend score ranks in the 98th percentile. The EV/EBITDA sits at 5.5x. With earnings already reported on May 5 (stock moved just -0.9%), the next event is July 30.
What to watch: Whether the BofA upgrade and options call-buying absorb the elevated short interest — or whether the 5% float short becomes a tailwind if the stock reclaims $85.
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