Scorpio Tankers (NYSE:STNG) Sees Large Volume Increase Following Strong Earnings

Scorpio Tankers Inc. (NYSE:STNG) saw unusually-high trading volume on Tuesday following a stronger than expected earnings report. Approximately 1,052,671 shares changed hands during trading, an increase of 16% from the previous session’s volume of 905,167 shares.The stock last traded at $58.93 and had previously closed at $60.95.

The shipping company reported $1.75 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 net margin of 47.36% and a return on equity of 23.83%. The firm’s revenue was down 8.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.91 EPS.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s dividend payout ratio (DPR) is presently 14.84%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price target for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Evercore ISI cut their price target on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Finally, StockNews.com lowered shares of 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, Scorpio Tankers has a consensus rating of “Hold” and a consensus target price of $78.40.

Institutional Investors Weigh In On Scorpio Tankers

Several hedge funds have recently bought and sold shares of the business. Foster & Motley Inc. boosted its stake in Scorpio Tankers by 71.5% during the third quarter. Foster & Motley Inc. now owns 9,078 shares of the shipping company’s stock worth $647,000 after acquiring an additional 3,784 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Scorpio Tankers during the third quarter worth about $28,000. Ceredex Value Advisors LLC bought a new stake in Scorpio Tankers during the third quarter worth about $7,479,000. Measured Wealth Private Client Group LLC boosted its stake in Scorpio Tankers by 4.0% during the third quarter. Measured Wealth Private Client Group LLC now owns 12,541 shares of the shipping company’s stock worth $894,000 after acquiring an additional 484 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Scorpio Tankers by 51.9% during the third quarter. Assenagon Asset Management S.A. now owns 20,518 shares of the shipping company’s stock worth $1,463,000 after acquiring an additional 7,010 shares in the last quarter. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Price Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 2.63. The firm’s 50 day moving average is $68.85 and its 200 day moving average is $74.06. The firm has a market cap of $3.17 billion, a P/E ratio of 5.39 and a beta of 0.15.

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.