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

Shares of Scorpio Tankers Inc. (NYSE:STNG) gapped down prior to trading on Friday . The stock had previously closed at $54.42, but opened at $52.83. Scorpio Tankers shares last traded at $53.06, with a volume of 100,505 shares traded.

Analyst Upgrades and Downgrades

STNG has been the subject of several research reports. Evercore ISI lowered their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and dropped their target price for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Bank of America dropped their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group reduced their price target on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.40.

Scorpio Tankers Price Performance

The stock’s 50 day simple moving average is $51.20 and its 200-day simple moving average is $63.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 3.78 and a beta of 0.12.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.14. The business had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company’s revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.91 earnings per share. Equities research analysts anticipate that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 3.03%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

Institutional Investors Weigh In On Scorpio Tankers

A number of hedge funds and other institutional investors have recently made changes to their positions in STNG. EverSource Wealth Advisors LLC grew its holdings in Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares during the period. Harbor Capital Advisors Inc. acquired a new position in shares of Scorpio Tankers during the 3rd quarter worth approximately $28,000. GAMMA Investing LLC increased its stake in shares of Scorpio Tankers by 204.1% in the 4th quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock worth $30,000 after acquiring an additional 402 shares during the last quarter. Quarry LP raised its stake in Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 177 shares during the last quarter. Institutional investors and hedge funds 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.