Scorpio Tankers (NYSE:STNG) Reaches New 52-Week Low – Here’s What Happened

Scorpio Tankers Inc. (NYSE:STNG)’s stock price reached a new 52-week low on Thursday . The company traded as low as $52.50 and last traded at $52.50, with a volume of 254714 shares. The stock had previously closed at $54.67.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Bank of America cut their target price 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 cut their price objective on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI reduced their price target 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. Finally, StockNews.com downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $76.40.

Scorpio Tankers Price Performance

The stock’s 50 day simple moving average is $64.44 and its 200-day simple moving average is $72.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 3.80 and a beta of 0.18.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The company had revenue of $267.99 million during 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 firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the business posted $1.91 EPS. Equities research analysts anticipate that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.02%. Scorpio Tankers’s dividend payout ratio is currently 11.47%.

Institutional Trading of Scorpio Tankers

A number of hedge funds and other institutional investors have recently made changes to their positions in STNG. EverSource Wealth Advisors LLC boosted its holdings in Scorpio Tankers by 970.0% in the second 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 during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Scorpio Tankers in the 3rd quarter valued at about $28,000. Fifth Third Bancorp boosted its stake in shares of Scorpio Tankers by 319.0% in the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after buying an additional 319 shares during 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% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $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.

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.