Scorpio Tankers (NYSE:STNG) Stock Price Up 7% – Here’s Why

Scorpio Tankers Inc. (NYSE:STNG) shares shot up 7% on Tuesday . The stock traded as high as $51.71 and last traded at $51.52. Approximately 362,962 shares were traded during mid-day trading, a decline of 49% from the average session volume of 707,195 shares. The stock had previously closed at $48.17.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Jefferies Financial Group cut their price target on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, December 12th. 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 report on Tuesday, October 22nd. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Evercore ISI reduced their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price target for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $75.40.

Scorpio Tankers Price Performance

The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average price is $51.69 and its 200-day moving average price is $65.29. The stock has a market cap of $2.63 billion, a P/E ratio of 3.74 and a beta of 0.12.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.14. The firm had revenue of $267.99 million for the quarter, compared to analysts’ expectations of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.91 earnings per share. Analysts forecast that Scorpio Tankers Inc. will post 11.04 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 3.07%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

Institutional Investors Weigh In On Scorpio Tankers

A number of large investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its position in shares of Scorpio Tankers by 12.7% during the second quarter. Principal Financial Group Inc. now owns 40,424 shares of the shipping company’s stock valued at $3,286,000 after purchasing an additional 4,548 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Scorpio Tankers by 19.1% in the 2nd quarter. Victory Capital Management Inc. now owns 370,909 shares of the shipping company’s stock worth $30,151,000 after acquiring an additional 59,361 shares in the last quarter. Savant Capital LLC purchased a new position in Scorpio Tankers during the 2nd quarter valued at about $439,000. Acadian Asset Management LLC boosted its stake in Scorpio Tankers by 1,357.2% during the second quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock worth $23,034,000 after acquiring an additional 264,049 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Scorpio Tankers by 3.5% in the second quarter. Daiwa Securities Group Inc. now owns 16,011 shares of the shipping company’s stock worth $1,302,000 after purchasing an additional 544 shares during the period. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

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.