Scorpio Tankers (NYSE:STNG) Shares Down 4.3% – Here’s What Happened

Scorpio Tankers Inc. (NYSE:STNG) shares traded down 4.3% during mid-day trading on Monday . The stock traded as low as $42.19 and last traded at $41.53. 156,110 shares were traded during mid-day trading, a decline of 83% from the average session volume of 893,704 shares. The stock had previously closed at $43.40.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Evercore ISI lowered their target price on Scorpio Tankers from $60.00 to $57.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Fearnley Fonds upgraded Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $65.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.50.

Scorpio Tankers Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.12 and a current ratio of 4.20. The company has a market capitalization of $2.26 billion, a P/E ratio of 4.36 and a beta of -0.04. The business has a 50 day moving average of $39.03 and a 200-day moving average of $43.00.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. Scorpio Tankers had a return on equity of 12.30% and a net margin of 48.08%. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. During the same period in the previous year, the company posted $3.97 EPS. The firm’s revenue for the quarter was down 45.3% compared to the same quarter last year. On average, sell-side analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.62%. The ex-dividend date was Friday, May 30th. Scorpio Tankers’s payout ratio is 15.76%.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinnacle Holdings LLC purchased a new position in shares of Scorpio Tankers in the 1st quarter worth about $26,000. Signaturefd LLC boosted its holdings in shares of Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock worth $29,000 after purchasing an additional 372 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Scorpio Tankers by 75.8% in the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock worth $30,000 after purchasing an additional 263 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Scorpio Tankers by 1,375.0% in the 4th quarter. Covestor Ltd now owns 826 shares of the shipping company’s stock worth $41,000 after purchasing an additional 770 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Scorpio Tankers by 40.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after purchasing an additional 266 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

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.