Scorpio Tankers (NYSE:STNG) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Scorpio Tankers (NYSE:STNG) from a buy rating to a hold rating in a report published on Wednesday.

Other analysts also recently issued reports about the stock. Bank of America reduced their target price on shares of Scorpio Tankers from $85.00 to $82.00 and set a neutral rating on the stock in a research report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a buy rating and issued a $90.00 target price on shares of Scorpio Tankers in a research report on Tuesday, July 30th. Stifel Nicolaus upped their target price on shares of Scorpio Tankers from $84.00 to $86.00 and gave the stock a buy rating in a research report on Wednesday, July 24th. Finally, Evercore ISI increased their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Scorpio Tankers currently has a consensus rating of Moderate Buy and a consensus target price of $84.17.

Scorpio Tankers Stock Down 3.1 %

Shares of Scorpio Tankers stock opened at $74.14 on Wednesday. The company has a current ratio of 2.67, a quick ratio of 1.58 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $78.91 and its two-hundred day simple moving average is $73.65. The company has a market cap of $3.94 billion, a P/E ratio of 6.88, a PEG ratio of 1.34 and a beta of 0.17. Scorpio Tankers has a 12-month low of $47.88 and a 12-month high of $84.67.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings data on Tuesday, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.52 by $0.08. The business had revenue of $380.70 million for the quarter, compared to the consensus estimate of $368.62 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.41 EPS. Research analysts anticipate that Scorpio Tankers will post 13.08 EPS for the current year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.16%. The ex-dividend date is Thursday, August 15th. Scorpio Tankers’s dividend payout ratio is currently 14.84%.

Hedge Funds Weigh In On Scorpio Tankers

Several hedge funds and other institutional investors have recently bought and sold shares of STNG. LSV Asset Management lifted its stake in Scorpio Tankers by 118.1% during the 1st quarter. LSV Asset Management now owns 1,839,185 shares of the shipping company’s stock valued at $131,594,000 after acquiring an additional 995,978 shares during the period. International Assets Investment Management LLC lifted its stake in Scorpio Tankers by 4,706.2% during the 4th quarter. International Assets Investment Management LLC now owns 970,799 shares of the shipping company’s stock valued at $59,025,000 after acquiring an additional 950,600 shares during the period. Norges Bank bought a new position in shares of Scorpio Tankers in the 4th quarter worth approximately $34,009,000. Vanguard Group Inc. lifted its stake in shares of Scorpio Tankers by 176.6% in the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock worth $61,574,000 after purchasing an additional 549,395 shares during the period. Finally, Hartree Partners LP lifted its stake in shares of Scorpio Tankers by 634.5% in the 1st quarter. Hartree Partners LP now owns 521,498 shares of the shipping company’s stock worth $37,313,000 after purchasing an additional 450,498 shares during the period. 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.