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

Scorpio Tankers Inc. (NYSE:STNG) shares gapped down before the market opened 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 traded.

A number of other brokerages have also recently weighed in on STNG. Evercore ISI raised their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America decreased their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday. Fearnley Fonds upgraded shares of 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 report on Tuesday, July 30th. Finally, StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Scorpio Tankers has an average rating of “Hold” and a consensus price target of $82.40.

Institutional Trading of Scorpio Tankers

A number of hedge funds have recently bought and sold shares of STNG. Assenagon Asset Management S.A. boosted its holdings in shares of Scorpio Tankers by 51.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 20,518 shares of the shipping company’s stock valued at $1,463,000 after purchasing an additional 7,010 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Scorpio Tankers by 8,249.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock valued at $134,057,000 after purchasing an additional 1,857,668 shares during the last quarter. U S Global Investors Inc. boosted its holdings in shares of Scorpio Tankers by 172.6% in the 3rd quarter. U S Global Investors Inc. now owns 4,877 shares of the shipping company’s stock valued at $348,000 after purchasing an additional 3,088 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Scorpio Tankers by 16.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 32,903 shares of the shipping company’s stock valued at $2,346,000 after purchasing an additional 4,564 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Scorpio Tankers by 191.0% in the 3rd quarter. Blue Trust Inc. now owns 3,277 shares of the shipping company’s stock valued at $234,000 after purchasing an additional 2,151 shares during the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Scorpio Tankers Stock Performance

The company has a market cap of $3.35 billion, a price-to-earnings ratio of 5.69, a price-to-earnings-growth ratio of 1.81 and a beta of 0.15. The stock’s fifty day simple moving average is $69.55 and its two-hundred day simple moving average is $74.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.63 and a current ratio of 2.67.

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

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.60 annualized dividend and a dividend yield of 2.61%. Scorpio Tankers’s payout ratio is 14.84%.

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.