Scorpio Tankers (NYSE:STNG) Hits New 1-Year Low – Here’s Why

by · The Markets Daily

Scorpio Tankers Inc. (NYSE:STNG – Get Free Report)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $52.50 and last traded at $52.50, with a volume of 254714 shares changing hands. The stock had previously closed at $54.67.

Analyst Ratings Changes

Several analysts recently issued reports on the company. StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Jefferies Financial Group lowered their target price on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Bank of America dropped 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. Finally, Evercore ISI decreased their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four 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, the stock presently has a consensus rating of “Hold” and an average price target of $76.40.

View Our Latest Stock Report on STNG

Scorpio Tankers Price Performance

The firm has a market capitalization of $2.67 billion, a P/E ratio of 3.80 and a beta of 0.18. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average price of $64.44 and a 200-day moving average price of $72.35.

Scorpio Tankers (NYSE:STNG – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) 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 the consensus estimate of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. During the same period last year, the company earned $1.91 earnings per share. Scorpio Tankers’s revenue was down 8.0% on a year-over-year basis. On average, analysts expect that Scorpio Tankers Inc. will post 11.04 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.02%. The ex-dividend date is Friday, November 22nd. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently made changes to their positions in STNG. EverSource Wealth Advisors LLC lifted its holdings in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after buying an additional 291 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Scorpio Tankers during the third quarter worth approximately $28,000. Fifth Third Bancorp raised its stake in shares of Scorpio Tankers by 319.0% during the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after acquiring an additional 319 shares in the last quarter. Quarry LP boosted its holdings in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its holdings 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 worth $57,000 after purchasing an additional 177 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Company Profile

(Get Free Report)

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.

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