Scorpio Tankers (NYSE:STNG) Sees Strong Trading Volume – Here’s What Happened

Scorpio Tankers Inc. (NYSE:STNG) shares saw unusually-strong trading volume on Tuesday . Approximately 1,052,671 shares traded hands during trading, an increase of 16% from the previous session’s volume of 905,167 shares.The stock last traded at $58.93 and had previously closed at $60.95.

Wall Street Analyst Weigh In

A number of analysts have commented on STNG shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price target on shares of Scorpio Tankers in a research report on Tuesday. StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI lifted their price target on Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Bank of America lowered their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $82.40.

Scorpio Tankers Stock Down 4.6 %

The company has a market cap of $3.17 billion, a price-to-earnings ratio of 5.40 and a beta of 0.15. 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 business has a fifty day moving average of $69.09 and a two-hundred day moving average of $74.14.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, topping analysts’ consensus estimates of $3.52 by $0.08. The company had revenue of $380.70 million during the quarter, compared to analysts’ expectations of $368.62 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. Scorpio Tankers’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.41 EPS. As a group, equities analysts anticipate that Scorpio Tankers Inc. will post 11.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Scorpio Tankers

Several large investors have recently bought and sold shares of STNG. EverSource Wealth Advisors LLC grew its position in shares of Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Scorpio Tankers by 319.0% in the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 319 shares in the last quarter. Quarry LP grew its position in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Scorpio Tankers by 34.2% in the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 177 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Scorpio Tankers in the first quarter valued at approximately $58,000. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

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.