Scorpio Tankers (NYSE:STNG) Sets New 1-Year Low – What’s Next?

Scorpio Tankers Inc. (NYSE:STNG)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $50.13 and last traded at $51.39, with a volume of 78508 shares. The stock had previously closed at $51.21.

Wall Street Analyst Weigh In

Several research firms have weighed in on STNG. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Evercore ISI dropped their price objective on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their target price for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Jefferies Financial Group lowered their target price on Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, Bank of America cut their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Scorpio Tankers presently has a consensus rating of “Hold” and a consensus target price of $76.40.

Scorpio Tankers Price Performance

The company has a 50 day moving average of $63.14 and a two-hundred day moving average of $71.69. The firm has a market cap of $2.57 billion, a P/E ratio of 3.67 and a beta of 0.18. The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 0.27.

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

Scorpio Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.60 annualized dividend and a yield of 3.15%. Scorpio Tankers’s payout ratio is presently 11.47%.

Hedge Funds Weigh In On Scorpio Tankers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mountaineer Partners Management LLC boosted its position in Scorpio Tankers by 6,926.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock worth $596,912,000 after acquiring an additional 8,252,691 shares during the period. International Assets Investment Management LLC grew its position in Scorpio Tankers by 8,249.0% during the third quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock valued at $134,057,000 after purchasing an additional 1,857,668 shares in the last quarter. Vanguard Group Inc. increased its stake in Scorpio Tankers by 176.6% in the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock valued at $61,574,000 after buying an additional 549,395 shares during the period. Acadian Asset Management LLC lifted its position in Scorpio Tankers by 1,357.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock worth $23,034,000 after buying an additional 264,049 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Scorpio Tankers by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock worth $96,391,000 after buying an additional 199,858 shares in 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.