Scorpio Tankers (NYSE:STNG) Trading Up 7% – Here’s What Happened

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

Analyst Ratings Changes

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

Scorpio Tankers Stock Performance

The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 3.75 and a beta of 0.12. The firm’s 50 day moving average is $51.56 and its 200-day moving average is $65.09. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG) last announced 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. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The firm had revenue of $267.99 million during the quarter, compared to analysts’ expectations of $267.91 million. During the same quarter in the prior year, the business earned $1.91 earnings per share. The company’s revenue was down 8.0% on a year-over-year basis. Sell-side analysts anticipate that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio (DPR) is 11.47%.

Hedge Funds Weigh In On Scorpio Tankers

Several large investors have recently bought and sold shares of STNG. Mountaineer Partners Management LLC grew its position in Scorpio Tankers by 6,926.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock worth $596,912,000 after purchasing an additional 8,252,691 shares during the last quarter. International Assets Investment Management LLC lifted its position in Scorpio Tankers by 8,249.0% in the third quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock worth $134,057,000 after purchasing an additional 1,857,668 shares during the period. Renaissance Technologies LLC boosted its stake in Scorpio Tankers by 5.0% during the second quarter. Renaissance Technologies LLC now owns 1,313,815 shares of the shipping company’s stock worth $106,800,000 after buying an additional 62,600 shares in the last quarter. American Century Companies Inc. increased its holdings in Scorpio Tankers by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock valued at $96,391,000 after buying an additional 199,858 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Scorpio Tankers by 5.3% in the 3rd quarter. Geode Capital Management LLC now owns 768,129 shares of the shipping company’s stock valued at $54,768,000 after buying an additional 38,599 shares during the period. 54.64% of the stock is currently owned by institutional investors and hedge funds.

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.