Scorpio Tankers (NYSE:STNG) Reaches New 1-Year High After Strong Earnings

Scorpio Tankers Inc. (NYSE:STNG) shares reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $92.75 and last traded at $88.6010, with a volume of 898,827 shares changing hands. The stock had previously closed at $85.33.

The shipping company reported $2.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.43. The business had revenue of $266.47 million during the quarter, compared to analysts’ expectations of $243.98 million. Scorpio Tankers had a net margin of 77.07% and a return on equity of 17.62%. The business’s revenue was up 10.4% on a year-over-year basis. During the same period last year, the firm posted $1.49 earnings per share.

Scorpio Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 13th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Friday, November 13th. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.45. Scorpio Tankers’s dividend payout ratio (DPR) is 9.53%.

Analyst Ratings Changes

STNG has been the topic of a number of recent analyst reports. Truist Financial set a $130.00 price target on shares of Scorpio Tankers in a research report on Thursday. B. Riley Financial reaffirmed a “buy” rating and set a $130.00 price objective (up from $120.00) on shares of Scorpio Tankers in a research note on Thursday. BTIG Research reiterated a “buy” rating and issued a $110.00 price objective on shares of Scorpio Tankers in a report on Wednesday. Needham & Company LLC set a $130.00 target price on Scorpio Tankers in a report on Thursday. Finally, Wall Street Zen downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $105.33.

Insider Buying and Selling at Scorpio Tankers

In related news, insider Auste Adelborg sold 6,834 shares of Scorpio Tankers stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $89.64, for a total value of $612,599.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Robert Bugbee sold 231,799 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $86.19, for a total value of $19,978,755.81. Following the completion of the sale, the president directly owned 665,288 shares of the company’s stock, valued at approximately $57,341,172.72. The trade was a 25.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 420,133 shares of company stock valued at $36,611,311 over the last quarter. Insiders own 7.34% of the company’s stock.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Scorpio Tankers by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock worth $233,544,000 after buying an additional 122,874 shares during the last quarter. Empowered Funds LLC grew its position in Scorpio Tankers by 20.9% in the first quarter. Empowered Funds LLC now owns 240,545 shares of the shipping company’s stock worth $17,959,000 after acquiring an additional 41,516 shares in the last quarter. Sei Investments Co. boosted its stake in Scorpio Tankers by 47.5% in the first quarter. Sei Investments Co. now owns 118,751 shares of the shipping company’s stock worth $8,865,000 after buying an additional 38,216 shares in the last quarter. Integrated Advisors Network LLC bought a new stake in shares of Scorpio Tankers in the 1st quarter valued at about $2,527,000. Finally, Navellier & Associates Inc. raised its holdings in Scorpio Tankers by 141.7% during the 2nd quarter. Navellier & Associates Inc. now owns 38,960 shares of the shipping company’s stock valued at $2,698,000 after buying an additional 22,839 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Scorpio Tankers Trading Down 2.5%

The company has a current ratio of 6.93, a quick ratio of 6.89 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.67 billion, a PE ratio of 4.91 and a beta of -0.17. The firm has a fifty day simple moving average of $83.41 and a two-hundred day simple moving average of $76.62.

About Scorpio Tankers

Scorpio Tankers Inc is a marine transportation company that owns, operates and manages a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and heating oil, as well as petrochemical feedstocks and other liquid products.

Its fleet has historically included medium-range, handymax and long-range product tankers, allowing Scorpio Tankers to serve both regional and long-haul trade routes. The company’s vessels transport cargoes between major refining, storage and consumption centers across international markets, supporting energy companies, commodity traders and other commercial customers.

Scorpio Tankers was established in 2009 and is incorporated in the Marshall Islands, with corporate operations based in Monaco.