Scorpio Tankers (NYSE:STNG) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Scorpio Tankers (NYSE:STNG) released its earnings results on Tuesday. The shipping company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.52 by $0.08, Briefing.com reports. The company had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. Scorpio Tankers had a net margin of 42.12% and a return on equity of 22.84%. The company’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.41 EPS.

Scorpio Tankers Stock Performance

NYSE STNG traded down $0.46 on Wednesday, hitting $76.41. The stock had a trading volume of 408,440 shares, compared to its average volume of 972,207. Scorpio Tankers has a one year low of $45.95 and a one year high of $84.67. The company has a quick ratio of 1.58, a current ratio of 1.60 and a debt-to-equity ratio of 0.35. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 7.13, a P/E/G ratio of 1.15 and a beta of 0.16. The company’s 50-day moving average is $79.24 and its two-hundred day moving average is $73.54.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.09%. The ex-dividend date was Friday, June 14th. Scorpio Tankers’s dividend payout ratio (DPR) is 14.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STNG. Stifel Nicolaus boosted their target price on shares of Scorpio Tankers from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research report on Tuesday. Bank of America lowered their price objective on shares of Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. StockNews.com raised shares of Scorpio Tankers from a “hold” rating to a “buy” rating in a research report on Friday, May 10th. Finally, Evercore ISI boosted their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Scorpio Tankers presently has an average rating of “Moderate Buy” and a consensus price target of $84.17.

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.