Scorpio Tankers (NYSE:STNG) Releases Earnings Results, Beats Estimates By $0.38 EPS

Key Points

• Scorpio Tankers reported earnings of $1.41 per share, exceeding analysts' estimates of $1.03 by $0.38, although revenue fell 39.5% year-over-year to $222.76 million.
• The company declared a quarterly dividend of $0.40 per share, reflecting a 3.50% yield on an annualized basis and a payout ratio of 15.76%.
• Analysts maintain a "Moderate Buy" consensus rating on Scorpio Tankers' stock, with a consensus price target of $60.50, even as some price targets have been adjusted downwards.

Scorpio Tankers (NYSE:STNG - Get Free Report) issued its quarterly earnings data on Wednesday. The shipping company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.38, Zacks reports. Scorpio Tankers had a return on equity of 8.17% and a net margin of 39.18%. The business had revenue of $222.76 million for the quarter, compared to analysts' expectations of $219.26 million. During the same period last year, the business earned $3.60 EPS. The business's revenue was down 39.5% on a year-over-year basis.

Scorpio Tankers Stock Performance

Scorpio Tankers stock traded up $1.58 during trading on Friday, hitting $46.79. The stock had a trading volume of 1,137,978 shares, compared to its average volume of 1,056,749. The stock's 50 day moving average is $42.14 and its two-hundred day moving average is $41.68. Scorpio Tankers has a 1 year low of $30.63 and a 1 year high of $75.69. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 6.37 and a beta of -0.04. The company has a quick ratio of 4.12, a current ratio of 4.20 and a debt-to-equity ratio of 0.30.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Wednesday, August 13th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, August 13th. Scorpio Tankers's payout ratio is 21.80%.

Analysts Set New Price Targets

STNG has been the topic of a number of recent analyst reports. Evercore ISI dropped their price target on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Fearnley Fonds upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Scorpio Tankers currently has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Institutional Trading of Scorpio Tankers

An institutional investor recently raised its position in Scorpio Tankers stock. Intech Investment Management LLC grew its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,478 shares of the shipping company's stock after acquiring an additional 2,802 shares during the period. Intech Investment Management LLC owned 0.06% of Scorpio Tankers worth $1,221,000 at the end of the most recent reporting period. 54.64% of the stock is owned by hedge funds and other institutional investors.

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.