Scorpio Tankers (NYSE:STNG) Trading Up 2.9% – What’s Next?

Scorpio Tankers Inc. (NYSE:STNG) was up 2.9% during trading on Wednesday . The stock traded as high as $48.76 and last traded at $48.50. Approximately 448,809 shares changed hands during trading, a decline of 51% from the average daily volume of 912,498 shares. The stock had previously closed at $47.15.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Jefferies Financial Group reduced their price target on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus cut Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their target price for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Evercore ISI reduced their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Finally, Bank of America reduced their target price on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Scorpio Tankers has an average rating of “Hold” and an average price target of $75.40.

Scorpio Tankers Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. The stock has a market capitalization of $2.43 billion, a PE ratio of 3.45 and a beta of 0.13. The company has a 50 day moving average price of $56.50 and a 200-day moving average price of $68.32.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.14. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company had revenue of $267.99 million for the quarter, compared to analysts’ expectations of $267.91 million. During the same period in the prior year, the firm earned $1.91 earnings per share. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. As a group, analysts forecast that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 22nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is 11.47%.

Institutional Trading of Scorpio Tankers

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp grew its position in shares of Scorpio Tankers by 1.4% during the second quarter. Truist Financial Corp now owns 10,933 shares of the shipping company’s stock worth $889,000 after purchasing an additional 149 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after buying an additional 177 shares in the last quarter. Quarry LP grew its holdings in Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after buying an additional 229 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in Scorpio Tankers by 2.1% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 12,103 shares of the shipping company’s stock valued at $863,000 after buying an additional 252 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after buying an additional 291 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

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.