Scorpio Tankers (NYSE:STNG) Reaches New 52-Week Low After Earnings Miss

Scorpio Tankers Inc. (NYSE:STNG) reached a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $44.92 and last traded at $44.88, with a volume of 560838 shares trading hands. The stock had previously closed at $47.86.

The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.08). Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on STNG shares. Bank of America lowered their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Evercore ISI lowered their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Stifel Nicolaus lowered Scorpio Tankers from a “buy” rating to a “hold” rating and decreased their price target for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $75.00 price target on shares of Scorpio Tankers in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $72.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc increased its position in Scorpio Tankers by 21.4% during the fourth quarter. Legal & General Group Plc now owns 8,978 shares of the shipping company’s stock worth $446,000 after purchasing an additional 1,583 shares during the last quarter. FMR LLC boosted its position in shares of Scorpio Tankers by 266.2% in the 4th quarter. FMR LLC now owns 2,613,611 shares of the shipping company’s stock valued at $129,870,000 after purchasing an additional 1,899,981 shares during the period. Aviva PLC raised its stake in Scorpio Tankers by 30.3% during the 4th quarter. Aviva PLC now owns 12,040 shares of the shipping company’s stock valued at $598,000 after acquiring an additional 2,800 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Scorpio Tankers in the fourth quarter valued at about $275,000. Finally, Franklin Resources Inc. raised its position in shares of Scorpio Tankers by 28.1% during the 4th quarter. Franklin Resources Inc. now owns 73,409 shares of the shipping company’s stock worth $3,648,000 after purchasing an additional 16,116 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Trading Down 6.9 %

The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 3.20 and a beta of 0.08. The business has a fifty day simple moving average of $49.52 and a 200 day simple moving average of $60.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

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.