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

Scorpio Tankers Inc. (NYSE:STNG)’s share price gapped up before the market opened on Friday . The stock had previously closed at $52.39, but opened at $55.57. Scorpio Tankers shares last traded at $55.08, with a volume of 225,936 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STNG. Bank of America decreased their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Jefferies Financial Group reduced their price objective 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. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI dropped their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price target for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.40.

Scorpio Tankers Stock Performance

The firm has a market capitalization of $2.77 billion, a P/E ratio of 3.93 and a beta of 0.12. The stock has a fifty day simple moving average of $51.26 and a two-hundred day simple moving average of $64.72. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18.

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

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 2.91%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STNG. Mountaineer Partners Management LLC increased its holdings in shares of 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 worth $596,912,000 after purchasing an additional 8,252,691 shares in the last quarter. International Assets Investment Management LLC boosted 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 worth $134,057,000 after buying an additional 1,857,668 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of 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 during the last quarter. Barclays PLC lifted its position in Scorpio Tankers by 873.6% during the third quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock valued at $13,418,000 after purchasing an additional 168,866 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Scorpio Tankers during the third quarter valued at $8,459,000. Institutional investors 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.