Scorpio Tankers (NYSE:STNG) Trading 6.3% Higher - Here's What Happened

Shares of Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) shot up 6.3% during mid-day trading on Thursday . The stock traded as high as $43.75 and last traded at $44.34. 176,945 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 939,481 shares. The stock had previously closed at $41.72.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STNG. Fearnley Fonds raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Evercore ISI cut 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. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $60.50.

Scorpio Tankers Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.20 and a quick ratio of 4.12. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 4.47 and a beta of -0.04. The business's 50-day simple moving average is $41.27 and its two-hundred day simple moving average is $42.27.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.32. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. Scorpio Tankers had a net margin of 48.08% and a return on equity of 12.30%. Scorpio Tankers's revenue was down 45.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.97 earnings per share. Research 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. Shareholders of record on Friday, May 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.53%. The ex-dividend date was Friday, May 30th. Scorpio Tankers's dividend payout ratio (DPR) is currently 15.76%.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Scorpio Tankers by 598.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company's stock worth $13,974,000 after acquiring an additional 305,978 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Scorpio Tankers in the 2nd quarter worth about $920,000. Pallas Capital Advisors LLC purchased a new stake in shares of Scorpio Tankers in the 2nd quarter worth about $384,000. Parallel Advisors LLC lifted its position in Scorpio Tankers by 629.8% during the 2nd quarter. Parallel Advisors LLC now owns 1,934 shares of the shipping company's stock valued at $76,000 after acquiring an additional 1,669 shares during the period. Finally, Rhumbline Advisers lifted its position in Scorpio Tankers by 10.7% during the 1st quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company's stock valued at $3,163,000 after acquiring an additional 8,170 shares during the period. 54.64% of the stock is owned by institutional investors.

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.