Scorpio Tankers (NYSE:STNG) Shares Gap Up - Should You Buy?

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $41.44, but opened at $42.88. Scorpio Tankers shares last traded at $43.59, with a volume of 88,962 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on STNG. Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a research note on Thursday, May 1st. Finally, Evercore ISI lowered their price objective on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

Scorpio Tankers Price Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The business's 50-day simple moving average is $38.84 and its two-hundred day simple moving average is $42.99. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 3.31 and a beta of -0.04.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.32. Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. The company had revenue of $204.20 million for the quarter, compared to the consensus estimate of $205.89 million. During the same period in the previous year, the firm earned $3.97 EPS. The firm's quarterly revenue was down 45.3% on a year-over-year basis. Research analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Friday, May 30th. Scorpio Tankers's payout ratio is 15.76%.

Institutional Investors Weigh In On Scorpio Tankers

Several institutional investors and hedge funds have recently modified their holdings of STNG. Savant Capital LLC purchased a new position in shares of Scorpio Tankers in the 4th quarter worth approximately $346,000. Rhumbline Advisers raised its position in shares of Scorpio Tankers by 0.7% during the 4th quarter. Rhumbline Advisers now owns 76,004 shares of the shipping company's stock worth $3,777,000 after purchasing an additional 559 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Scorpio Tankers by 9.6% in the fourth quarter. Principal Financial Group Inc. now owns 45,377 shares of the shipping company's stock worth $2,255,000 after buying an additional 3,961 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of Scorpio Tankers in the fourth quarter valued at about $682,000. Finally, TCW Group Inc. grew its holdings in shares of Scorpio Tankers by 8.2% during the 4th quarter. TCW Group Inc. now owns 190,692 shares of the shipping company's stock worth $9,475,000 after purchasing an additional 14,500 shares during the period. Institutional investors own 54.64% of the company's stock.

Scorpio Tankers Company Profile

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.

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