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

Scorpio Tankers Inc. (NYSE:STNG)’s stock price gapped down prior to trading 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.

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

Institutional Trading of Scorpio Tankers

Several institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after purchasing an additional 291 shares during the period. Fifth Third Bancorp raised its stake in shares of Scorpio Tankers by 319.0% in the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after buying an additional 319 shares in the last quarter. Quarry LP lifted its holdings in shares of Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after acquiring an additional 229 shares during the period. Newbridge Financial Services Group Inc. boosted its position 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 acquiring an additional 177 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Scorpio Tankers in the first quarter valued at about $58,000. Institutional investors and hedge funds own 54.64% of the company’s stock.

Scorpio Tankers Price Performance

The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 4.84, a price-to-earnings-growth ratio of 1.87 and a beta of 0.15. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average is $69.81 and its 200-day moving average is $74.30.

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

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s dividend payout ratio (DPR) is currently 12.58%.

About Scorpio Tankers

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.