Scorpio Tankers (NYSE:STNG) Shares Gap Down - What's Next?

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $42.31, but opened at $40.89. Scorpio Tankers shares last traded at $40.92, with a volume of 142,363 shares changing hands.

Analyst Ratings Changes

STNG has been the topic of a number of research analyst reports. Jefferies Financial Group restated a "buy" rating and set a $65.00 price target on shares of Scorpio Tankers in a report on Thursday, May 1st. Evercore ISI reduced their target price on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Fearnley Fonds raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Scorpio Tankers Stock Performance

The company's 50 day simple moving average is $40.13 and its 200 day simple moving average is $42.68. The stock has a market cap of $2.06 billion, a PE ratio of 3.98 and a beta of -0.04. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.12 and a current ratio of 4.20.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $204.20 million for the quarter, compared to analysts' expectations of $205.89 million. Scorpio Tankers had a return on equity of 12.30% and a net margin of 48.08%. The business's revenue was down 45.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.97 earnings per share. Analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.96%. Scorpio Tankers's payout ratio is currently 15.76%.

Hedge Funds Weigh In On Scorpio Tankers

Several institutional investors have recently bought and sold shares of STNG. Pinnacle Holdings LLC bought a new position in shares of Scorpio Tankers during the 1st quarter worth $26,000. Signaturefd LLC boosted its position in Scorpio Tankers by 95.6% during the first quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock worth $29,000 after purchasing an additional 372 shares during the period. Lindbrook Capital LLC increased its stake in shares of Scorpio Tankers by 75.8% in the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock worth $30,000 after purchasing an additional 263 shares in the last quarter. Covestor Ltd increased its stake in shares of Scorpio Tankers by 1,375.0% in the fourth quarter. Covestor Ltd now owns 826 shares of the shipping company's stock worth $41,000 after purchasing an additional 770 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Scorpio Tankers by 40.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock valued at $46,000 after purchasing an additional 266 shares during the period. Hedge funds and other 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.