Scorpio Tankers (NYSE:STNG) Shares Up 6.3% - Here's Why

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report)'s share price was up 6.3% during mid-day trading 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 Upgrades and Downgrades

A number of research analysts have issued reports on STNG shares. 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 dropped their target price on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Scorpio Tankers Stock Performance

The company has a current ratio of 4.20, a quick ratio of 4.12 and a debt-to-equity ratio of 0.30. The stock's 50 day moving average price is $41.38 and its two-hundred day moving average price is $42.14. The firm has a market capitalization of $2.31 billion, a PE ratio of 4.47 and a beta of -0.04.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data 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 48.08% and a return on equity of 12.30%. The business had revenue of $204.20 million during the quarter, compared to analysts' expectations of $205.89 million. During the same period last year, the company posted $3.97 EPS. The company's revenue was down 45.3% on a year-over-year basis. On average, equities 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 disclosed 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 dividend on an annualized basis and a dividend yield of 3.53%. Scorpio Tankers's dividend payout ratio (DPR) is 15.76%.

Institutional Trading of Scorpio Tankers

A number of hedge funds have recently bought and sold shares of STNG. Pinnacle Holdings LLC acquired a new stake in Scorpio Tankers during the first quarter worth approximately $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 acquiring an additional 372 shares during the last quarter. Covestor Ltd boosted its position in Scorpio Tankers by 1,375.0% during the fourth quarter. Covestor Ltd now owns 826 shares of the shipping company's stock worth $41,000 after acquiring an additional 770 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Scorpio Tankers by 40.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock worth $46,000 after acquiring an additional 266 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Scorpio Tankers by 850.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company's stock worth $49,000 after acquiring an additional 876 shares during the last quarter. Institutional investors and hedge funds 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.