Scorpio Tankers (NYSE:STNG) Shares Down 4.3% - Here's Why

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) shares were down 4.3% during mid-day trading on Monday . The company traded as low as $42.19 and last traded at $41.53. Approximately 156,110 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 893,704 shares. The stock had previously closed at $43.40.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on STNG shares. Fearnley Fonds raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Evercore ISI decreased their price objective on 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 reissued a "buy" rating and issued a $65.00 price objective 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

Scorpio Tankers Stock Up 0.2%

The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 4.37 and a beta of -0.04. 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 firm has a 50 day moving average price of $39.45 and a 200-day moving average price of $42.97.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $204.20 million during the quarter, compared to the consensus estimate 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 company posted $3.97 EPS. On average, equities analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Friday, May 30th. Scorpio Tankers's dividend payout ratio is presently 15.76%.

Institutional Trading of Scorpio Tankers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Holdings LLC purchased a new stake in Scorpio Tankers in the 1st quarter valued at about $26,000. Signaturefd LLC grew its holdings 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 period. Lindbrook Capital LLC grew its holdings in Scorpio Tankers by 75.8% in the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock valued at $30,000 after buying an additional 263 shares during the period. Covestor Ltd grew its holdings 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 period. Finally, PNC Financial Services Group Inc. grew its holdings 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 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.