5 Best Multibagger Stocks to Buy Now

3. Scorpio Tankers Inc. (NYSE:STNG)

1-Year Share Price Gain as of December 13: 334.82%

Number of Hedge Fund Holders: 30

Scorpio Tankers Inc. (NYSE:STNG) is headquartered in Monaco, and the company  engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. On December 5, Scorpio Tankers Inc. (NYSE:STNG) announced that all holders of its convertible bond due 2025 converted their bonds into approximately 5.8 million shares. As a result, the company’s outstanding debt has now been lowered by $205 million. It is one of the premier multibagger stocks to invest in. 

On December 9, BTIG analyst Gregory Lewis raised the price target on Scorpio Tankers Inc. (NYSE:STNG) to $70 from $60 and kept a Buy rating on the shares. The analyst stated that his meetings with the management were constructive with product tanker utilization over 90% and a limited order book, which represents a multi-year rate upcycle. 

According to Insider Monkey’s data, 30 hedge funds were bullish on Scorpio Tankers Inc. (NYSE:STNG) at the end of September 2022, compared to 26 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors is a prominent stakeholder of the company, with 961,021 shares worth $40.4 million. 

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