Scorpio Tankers (NYSE:STNG) Shares Gap Down Following Analyst Downgrade

Scorpio Tankers Inc. (NYSE:STNG)’s share price gapped down before the market opened on Wednesday after Stifel Nicolaus downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $64.76, but opened at $62.16. Stifel Nicolaus now has a $65.00 price target on the stock, down from their previous price target of $90.00. Scorpio Tankers shares last traded at $61.67, with a volume of 237,998 shares traded.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a report on Tuesday, July 30th. Bank of America cut their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research note on Tuesday. Evercore ISI raised their target price on Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $82.40.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in 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 acquiring an additional 291 shares during the period. Fifth Third Bancorp raised its stake in Scorpio Tankers by 319.0% during the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after purchasing an additional 319 shares during the period. Quarry LP grew its stake in shares of 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 during the period. Newbridge Financial Services Group Inc. grew its stake in shares of 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 during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Scorpio Tankers during the 1st quarter worth $58,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Stock Down 3.7 %

The firm has a market capitalization of $3.32 billion, a PE ratio of 5.09, a price-to-earnings-growth ratio of 1.87 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 firm has a 50-day moving average of $70.05 and a two-hundred day moving average of $74.39.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.52 by $0.08. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The firm had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. During the same quarter in the prior year, the company earned $2.41 EPS. The company’s revenue was up 15.6% on a year-over-year basis. On average, equities research analysts forecast that Scorpio Tankers Inc. will post 12.43 EPS for the current year.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were issued a $0.40 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.60 annualized dividend and a yield of 2.57%. Scorpio Tankers’s dividend payout ratio is currently 12.58%.

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.