Scorpio Tankers (NYSE:STNG) Shares Up 7% – Time to Buy?

Scorpio Tankers Inc. (NYSE:STNG)’s stock price shot up 7% on Tuesday . The stock traded as high as $51.71 and last traded at $51.52. 362,962 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 707,195 shares. The stock had previously closed at $48.17.

Wall Street Analysts Forecast Growth

STNG has been the subject of a number of analyst reports. Jefferies Financial Group reduced their target price on shares of Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Evercore ISI cut their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Bank of America decreased their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Scorpio Tankers presently has a consensus rating of “Hold” and a consensus price target of $75.40.

Scorpio Tankers Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The company has a market cap of $2.64 billion, a P/E ratio of 3.75 and a beta of 0.12. The stock has a 50 day moving average price of $51.56 and a 200 day moving average price of $65.09.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.61 by $0.14. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The firm had revenue of $267.99 million for the quarter, compared to analysts’ expectations of $267.91 million. During the same period in the previous year, the business earned $1.91 earnings per share. Scorpio Tankers’s revenue for the quarter was down 8.0% compared to the same quarter last year. Research analysts expect that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, November 22nd. Scorpio Tankers’s payout ratio is 11.47%.

Institutional Investors Weigh In On Scorpio Tankers

A number of institutional investors and hedge funds have recently modified their holdings of STNG. EverSource Wealth Advisors LLC boosted its position in shares of Scorpio Tankers by 970.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares during the period. Harbor Capital Advisors Inc. purchased a new position in shares of Scorpio Tankers in the third quarter worth approximately $28,000. GAMMA Investing LLC raised its holdings in shares of Scorpio Tankers by 204.1% during the fourth quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 402 shares during the period. Quarry LP lifted its position in shares of Scorpio Tankers by 52.8% in the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 229 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in 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 purchasing an additional 177 shares during the period. 54.64% of the stock is owned by institutional investors and hedge funds.

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.