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

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

Analyst Ratings Changes

A number of brokerages have recently commented on STNG. Jefferies Financial Group reissued a "buy" rating and set a $65.00 price target on shares of Scorpio Tankers in a research note on Thursday, May 1st. Evercore ISI decreased their price objective on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $60.50.

Scorpio Tankers Stock Performance

The stock has a fifty day moving average of $41.12 and a 200-day moving average of $42.29. The stock has a market cap of $2.33 billion, a PE ratio of 4.50 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 (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 the consensus estimate of $0.71 by $0.32. Scorpio Tankers had a net margin of 48.08% and a return on equity of 12.30%. The business had revenue of $204.20 million for the quarter, compared to analysts' expectations of $205.89 million. During the same quarter last year, the company posted $3.97 earnings per share. The company's quarterly revenue was down 45.3% compared to the same quarter last year. On average, equities analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 30th. This represents a $1.60 annualized dividend and a yield of 3.50%. Scorpio Tankers's payout ratio is 15.76%.

Institutional Trading of Scorpio Tankers

Several hedge funds have recently added to or reduced their stakes in the business. Pinnacle Holdings LLC purchased a new stake in Scorpio Tankers in the 1st quarter valued at about $26,000. Signaturefd LLC increased its stake in Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock valued at $29,000 after buying an additional 372 shares during the last quarter. Covestor Ltd increased its stake in Scorpio Tankers by 1,375.0% in the 4th quarter. Covestor Ltd now owns 826 shares of the shipping company's stock valued at $41,000 after buying an additional 770 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Scorpio Tankers by 40.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock valued at $46,000 after buying an additional 266 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Scorpio Tankers by 850.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company's stock valued at $49,000 after buying an additional 876 shares during the last quarter. Institutional investors and hedge funds 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.

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