Scorpio Tankers (NYSE:STNG) Hits New 12-Month Low – Here’s What Happened

Shares of Scorpio Tankers Inc. (NYSE:STNG) reached a new 52-week low on Friday . The stock traded as low as $45.43 and last traded at $45.86, with a volume of 170599 shares trading hands. The stock had previously closed at $47.72.

Analyst Ratings Changes

A number of research analysts have recently issued reports on STNG shares. Bank of America reduced their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Jefferies Financial Group lowered their target price on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Evercore ISI dropped their price target on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $75.40.

Scorpio Tankers Trading Down 3.2 %

The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $50.89 and a 200 day moving average of $63.01. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 3.31 and a beta of 0.12.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.14. The company had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period last year, the company earned $1.91 earnings per share. As a group, equities analysts predict that Scorpio Tankers Inc. will post 10.88 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is currently 11.47%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Scorpio Tankers in the third quarter valued at $28,000. GAMMA Investing LLC boosted its stake in Scorpio Tankers by 204.1% during the fourth quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock valued at $30,000 after buying an additional 402 shares in the last quarter. Quarry LP grew its holdings in Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after acquiring an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its position in Scorpio Tankers by 34.2% in the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after acquiring an additional 177 shares in 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.