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

Scorpio Tankers Inc. (NYSE:STNG)’s stock price was up 7% on Tuesday . The company traded as high as $51.71 and last traded at $51.52. Approximately 362,962 shares traded hands during trading, a decline of 49% from the average daily volume of 707,195 shares. The stock had previously closed at $48.17.

Analysts Set New Price Targets

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

Scorpio Tankers Trading Up 8.3 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The business has a 50 day moving average of $51.69 and a two-hundred day moving average of $65.29. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 3.74 and a beta of 0.12.

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

Scorpio Tankers Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of STNG. EverSource Wealth Advisors LLC boosted its stake in shares of Scorpio Tankers by 970.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after buying an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Scorpio Tankers in the third quarter worth $28,000. GAMMA Investing LLC grew its stake in Scorpio Tankers by 204.1% in the 4th quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 402 shares during the period. Quarry LP grew its stake in Scorpio Tankers by 52.8% in the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after buying an additional 177 shares during 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.