Scorpio Tankers (NYSE:STNG) Shares Up 6.7% – Here’s Why

Scorpio Tankers Inc. (NYSE:STNG)’s stock price rose 6.7% on Monday . The stock traded as high as $34.01 and last traded at $34.00. Approximately 192,432 shares changed hands during trading, a decline of 78% from the average daily volume of 870,818 shares. The stock had previously closed at $31.86.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STNG shares. Jefferies Financial Group restated a “buy” rating and issued a $75.00 price target on shares of Scorpio Tankers in a report on Thursday, February 13th. Stifel Nicolaus decreased their price target on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a research note on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $68.75.

Scorpio Tankers Price Performance

The company has a current ratio of 2.43, a quick ratio of 2.39 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $42.00 and its two-hundred day moving average price is $51.72. The stock has a market cap of $1.77 billion, a PE ratio of 2.71 and a beta of -0.01.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. On average, equities analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date was Friday, March 7th. Scorpio Tankers’s payout ratio is currently 12.27%.

Institutional Investors Weigh In On Scorpio Tankers

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. U S Global Investors Inc. lifted its holdings in shares of Scorpio Tankers by 4.4% during the 4th quarter. U S Global Investors Inc. now owns 5,092 shares of the shipping company’s stock valued at $253,000 after purchasing an additional 215 shares during the last quarter. Lindbrook Capital LLC raised its stake in Scorpio Tankers by 75.8% in the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock valued at $30,000 after buying an additional 263 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Scorpio Tankers by 40.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after acquiring an additional 266 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Scorpio Tankers by 204.1% in the fourth quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock worth $30,000 after acquiring an additional 402 shares in the last quarter. Finally, Ellevest Inc. grew its stake in shares of Scorpio Tankers by 8.4% during the fourth quarter. Ellevest Inc. now owns 6,278 shares of the shipping company’s stock worth $312,000 after acquiring an additional 485 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

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.