Scorpio Tankers (NYSE:STNG) Shares Gap Down – Here’s Why

by · The Markets Daily

Shares of Scorpio Tankers Inc. (NYSE:STNG – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $86.21, but opened at $83.00. Scorpio Tankers shares last traded at $84.3690, with a volume of 156,640 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on STNG shares. Zacks Research downgraded Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 30th. BTIG Research raised their price target on Scorpio Tankers from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a research report on Monday, September 14th. Evercore reiterated an “outperform” rating and issued a $94.00 price objective on shares of Scorpio Tankers in a research note on Wednesday, July 22nd. Finally, Morgan Stanley set a $86.00 price objective on Scorpio Tankers in a report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Scorpio Tankers currently has an average rating of “Hold” and a consensus price target of $91.57.

Check Out Our Latest Report on Scorpio Tankers

Scorpio Tankers Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 6.89 and a current ratio of 6.93. The company has a 50-day simple moving average of $79.57 and a 200-day simple moving average of $77.62. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 5.22 and a beta of -0.22.

Scorpio Tankers (NYSE:STNG – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $4.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.56 by $0.12. Scorpio Tankers had a net margin of 67.16% and a return on equity of 16.43%. The business had revenue of $408.73 million for the quarter, compared to analysts’ expectations of $398.25 million. During the same period in the prior year, the company posted $1.41 EPS. The business’s revenue for the quarter was up 77.5% on a year-over-year basis. As a group, research analysts predict that Scorpio Tankers Inc. will post 11.21 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were issued a $0.45 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Scorpio Tankers’s dividend payout ratio is currently 11.24%.

Insider Transactions at Scorpio Tankers

In related news, President Robert Bugbee sold 231,799 shares of Scorpio Tankers stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $86.19, for a total transaction of $19,978,755.81. Following the completion of the transaction, the president directly owned 665,288 shares of the company’s stock, valued at approximately $57,341,172.72. The trade was a 25.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Auste Adelborg sold 6,834 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $89.64, for a total value of $612,599.76. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 420,133 shares of company stock valued at $36,611,311. Company insiders own 7.34% of the company’s stock.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC lifted its stake in Scorpio Tankers by 13.8% in the first quarter. Parallel Advisors LLC now owns 2,124 shares of the shipping company’s stock worth $159,000 after purchasing an additional 257 shares during the last quarter. Root Financial Partners LLC boosted its holdings in Scorpio Tankers by 193.9% in the first quarter. Root Financial Partners LLC now owns 526 shares of the shipping company’s stock valued at $39,000 after acquiring an additional 347 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Scorpio Tankers by 12.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,218 shares of the shipping company’s stock valued at $240,000 after purchasing an additional 350 shares during the period. Assetmark Inc. purchased a new position in shares of Scorpio Tankers during the first quarter valued at about $28,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Scorpio Tankers by 37.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,081 shares of the shipping company’s stock valued at $106,000 after buying an additional 562 shares during the period. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

(Get Free Report)

Scorpio Tankers Inc is a marine transportation company that owns, operates and manages a fleet of product tankers. The company transports refined petroleum products, including gasoline, diesel, jet fuel and heating oil, as well as certain petrochemical feedstocks, for energy companies, commodity traders and other commercial customers.

Scorpio Tankers’ fleet has included medium-range, long-range and handymax product tankers, which serve different trade routes and cargo requirements. Its vessels operate internationally, carrying refined petroleum products between major refining, storage and consumption centers across regions including the Americas, Europe, the Middle East and Asia.

The company was established in 2009 and is headquartered in Monaco.

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