Scorpio Tankers FY2024 EPS Estimate Increased by B. Riley

Scorpio Tankers Inc. (NYSE:STNG) – Research analysts at B. Riley raised their FY2024 earnings estimates for shares of Scorpio Tankers in a research note issued on Tuesday, October 29th. B. Riley analyst L. Burke now forecasts that the shipping company will post earnings per share of $10.48 for the year, up from their prior forecast of $10.29. The consensus estimate for Scorpio Tankers’ current full-year earnings is $11.23 per share. B. Riley also issued estimates for Scorpio Tankers’ Q4 2024 earnings at $1.14 EPS and FY2025 earnings at $10.20 EPS.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The company had revenue of $267.99 million during the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. Scorpio Tankers’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.91 earnings per share.

Several other brokerages have also commented on STNG. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a report on Tuesday. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Evercore ISI lowered their price objective on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Bank of America lowered their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Four equities research 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 presently has a consensus rating of “Hold” and a consensus target price of $78.40.

Scorpio Tankers Stock Performance

Scorpio Tankers stock opened at $58.39 on Friday. The company has a current ratio of 2.21, a quick ratio of 2.63 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $68.35 and a 200-day moving average of $73.84. The firm has a market cap of $2.95 billion, a P/E ratio of 4.16 and a beta of 0.15. Scorpio Tankers has a 1-year low of $52.68 and a 1-year high of $84.67.

Hedge Funds Weigh In On Scorpio Tankers

A number of institutional investors and hedge funds have recently made changes to their positions in STNG. International Assets Investment Management LLC increased its position in shares of Scorpio Tankers by 8,249.0% during the third quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock valued at $134,057,000 after acquiring an additional 1,857,668 shares in the last quarter. LSV Asset Management grew its position in Scorpio Tankers by 118.1% in the 1st quarter. LSV Asset Management now owns 1,839,185 shares of the shipping company’s stock worth $131,594,000 after purchasing an additional 995,978 shares during the period. Vanguard Group Inc. grew its position in Scorpio Tankers by 176.6% in the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock worth $61,574,000 after purchasing an additional 549,395 shares during the period. Hartree Partners LP grew its position in Scorpio Tankers by 634.5% in the 1st quarter. Hartree Partners LP now owns 521,498 shares of the shipping company’s stock worth $37,313,000 after purchasing an additional 450,498 shares during the period. Finally, Acadian Asset Management LLC grew its position in Scorpio Tankers by 1,357.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock worth $23,034,000 after purchasing an additional 264,049 shares during the period. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is 11.47%.

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.