Scorpio Tankers (NYSE:STNG) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Scorpio Tankers (NYSE:STNG) from a buy rating to a hold rating in a research note published on Saturday.

Several other equities research analysts have also issued reports on STNG. JPMorgan Chase & Co. reduced their price objective on shares of Scorpio Tankers from $83.00 to $73.00 and set an overweight rating for the company in a research note on Tuesday, November 14th. Bank of America lowered shares of Scorpio Tankers from a buy rating to a neutral rating and cut their target price for the stock from $60.00 to $45.00 in a research report on Friday, July 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Scorpio Tankers from $55.00 to $61.00 and gave the stock a buy rating in a research report on Thursday, September 21st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Scorpio Tankers has an average rating of Moderate Buy and a consensus price target of $68.00.

Scorpio Tankers Stock Up 0.2 %

STNG stock opened at $56.29 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.29. Scorpio Tankers has a 1 year low of $40.34 and a 1 year high of $64.20. The company has a fifty day simple moving average of $54.60 and a 200 day simple moving average of $49.72. The firm has a market cap of $3.07 billion, a PE ratio of 4.70, a PEG ratio of 0.16 and a beta of 0.34.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, November 9th. The shipping company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.31. Scorpio Tankers had a net margin of 46.07% and a return on equity of 27.56%. The business had revenue of $291.20 million during the quarter, compared to analyst estimates of $277.96 million. During the same quarter in the previous year, the business earned $4.29 EPS. Scorpio Tankers’s quarterly revenue was down 40.6% compared to the same quarter last year. Sell-side analysts anticipate that Scorpio Tankers will post 10.41 EPS for the current fiscal year.

Scorpio Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.49%. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.25. Scorpio Tankers’s dividend payout ratio is currently 8.35%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in STNG. Lazard Asset Management LLC raised its position in Scorpio Tankers by 1,985.7% in the second quarter. Lazard Asset Management LLC now owns 584 shares of the shipping company’s stock worth $27,000 after purchasing an additional 556 shares in the last quarter. CWM LLC increased its holdings in shares of Scorpio Tankers by 1,037.0% during the third quarter. CWM LLC now owns 523 shares of the shipping company’s stock worth $28,000 after buying an additional 477 shares in the last quarter. Covestor Ltd increased its holdings in shares of Scorpio Tankers by 21,950.0% during the second quarter. Covestor Ltd now owns 882 shares of the shipping company’s stock worth $42,000 after buying an additional 878 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Scorpio Tankers during the third quarter worth approximately $52,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Scorpio Tankers by 35.2% during the first quarter. Meeder Asset Management Inc. now owns 964 shares of the shipping company’s stock worth $54,000 after buying an additional 251 shares in the last quarter. Institutional investors and hedge funds own 66.82% of the company’s stock.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 23, 2023, its fleet consisted of 113 owned, finance leased, or bareboat chartered-in tankers, including 39 LR2, 60 MR, and 14 Handymax with a weighted average age of approximately 7.2 years.