Scorpio Tankers (NYSE:STNG) Shares Gap Down Following Analyst Downgrade

Shares of Scorpio Tankers Inc. (NYSE:STNG) gapped down before the market opened on Wednesday after Stifel Nicolaus downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $64.76, but opened at $62.16. Stifel Nicolaus now has a $65.00 price target on the stock, down from their previous price target of $90.00. Scorpio Tankers shares last traded at $61.67, with a volume of 237,998 shares.

Other equities analysts have also issued reports about the stock. Bank of America reduced 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 report on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a report on Tuesday, July 30th. Evercore ISI lifted their target price on Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Finally, Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $82.40.

Hedge Funds Weigh In On Scorpio Tankers

Institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC raised its stake in shares of 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 valued at $134,057,000 after purchasing an additional 1,857,668 shares during the period. LSV Asset Management raised its position in Scorpio Tankers by 118.1% in the 1st quarter. LSV Asset Management now owns 1,839,185 shares of the shipping company’s stock valued at $131,594,000 after buying an additional 995,978 shares during the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 549,395 shares in the last quarter. Hartree Partners LP boosted its position in Scorpio Tankers by 634.5% during the 1st quarter. Hartree Partners LP now owns 521,498 shares of the shipping company’s stock worth $37,313,000 after acquiring an additional 450,498 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Scorpio Tankers by 1,357.2% during the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock worth $23,034,000 after acquiring an additional 264,049 shares in the last quarter. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Stock Down 4.9 %

The stock’s fifty day moving average price is $69.81 and its 200-day moving average price is $74.30. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 4.84, a P/E/G ratio of 1.87 and a beta of 0.15.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, topping analysts’ consensus estimates of $3.52 by $0.08. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The company had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. During the same period in the prior year, the business posted $2.41 EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts predict that Scorpio Tankers Inc. will post 12.43 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s dividend payout ratio (DPR) is 12.58%.

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.