Scorpio Tankers (NYSE:STNG) Shares Gap Down – What’s Next?

Scorpio Tankers Inc. (NYSE:STNG) shares gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

STNG has been the topic of several recent research reports. Bank of America cut their target price 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 raised Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price objective for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Evercore ISI reduced 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. Finally, Jefferies Financial Group decreased their price target on shares of Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Scorpio Tankers currently has a consensus rating of “Hold” and a consensus price target of $75.40.

Scorpio Tankers Stock Down 3.1 %

The firm has a fifty day moving average price of $51.20 and a 200 day moving average price of $63.97. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 3.78 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.14. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The business had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. During the same quarter last year, the firm posted $1.91 EPS. The business’s revenue was down 8.0% compared to the same quarter last year. As a group, sell-side analysts expect that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mountaineer Partners Management LLC grew its stake in Scorpio Tankers by 6,926.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock valued at $596,912,000 after acquiring an additional 8,252,691 shares during the last quarter. International Assets Investment Management LLC grew its stake in Scorpio Tankers by 8,249.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock worth $134,057,000 after acquiring an additional 1,857,668 shares during the period. Geode Capital Management LLC boosted its stake in Scorpio Tankers by 5.3% in the 3rd quarter. Geode Capital Management LLC now owns 768,129 shares of the shipping company’s stock worth $54,768,000 after buying an additional 38,599 shares during the last quarter. Fiera Capital Corp grew its holdings in Scorpio Tankers by 1.6% in the 3rd quarter. Fiera Capital Corp now owns 351,456 shares of the shipping company’s stock valued at $25,059,000 after buying an additional 5,531 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Scorpio Tankers by 882.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock valued at $10,020,000 after acquiring an additional 181,135 shares during the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

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.