Scorpio Tankers (NYSE:STNG) Releases Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Scorpio Tankers (NYSE:STNG) released its quarterly earnings results on Tuesday. The shipping company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.61 by $0.14, Briefing.com reports. The business had revenue of $267.99 million during the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The company’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.91 earnings per share.

Scorpio Tankers Trading Down 1.3 %

STNG traded down $0.77 during trading on Wednesday, hitting $58.55. 130,951 shares of the company’s stock were exchanged, compared to its average volume of 911,786. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. The firm has a market cap of $3.20 billion, a P/E ratio of 5.47 and a beta of 0.15. The stock has a 50 day moving average price of $68.85 and a 200 day moving average price of $74.06. Scorpio Tankers has a 1 year low of $52.68 and a 1 year high of $84.67.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be paid a $0.40 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.60 annualized dividend and a yield of 2.73%. Scorpio Tankers’s payout ratio is currently 14.84%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on STNG. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and dropped their price objective for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price target on shares of Scorpio Tankers in a research report on Tuesday. Bank of America cut their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Evercore ISI increased their price objective on Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $82.40.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.