New York-listed Scorpio Tankers is already shipping’s best-performing stock of 2022, with a 220% increase year to date, but US-based analysts think it still has some room to run.

Veteran researchers Jonathan Chappell of Evercore ISI and Omar Nokta of Jefferies both increased price targets and earnings estimates for the product tanker giant as the company gave a wide-ranging update on its finances and market outlook.

With Scorpio shares trading around the $42 mark, both analysts set a new target of $57.