Scorpio Tankers (NYSE:STNG) Shares Gap Down on Analyst Downgrade

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) shares gapped down prior to trading on Wednesday after Stifel Nicolaus downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $64.76, but opened at $62.16. Stifel Nicolaus now has a $65.00 price target on the stock, down from their previous price target of $90.00. Scorpio Tankers shares last traded at $61.67, with a volume of 237,998 shares.

Several other brokerages also recently issued reports on STNG. Bank of America cut their price target on Scorpio Tankers from $73.00 to $71.00 and set a "neutral" rating on the stock in a report on Tuesday. StockNews.com downgraded Scorpio Tankers from a "buy" rating to a "hold" rating in a report on Friday, August 16th. Evercore ISI raised their price target on Scorpio Tankers from $99.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, July 23rd. Jefferies Financial Group reissued a "buy" rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday, July 30th. Finally, Fearnley Fonds raised Scorpio Tankers to a "hold" rating in a report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $82.40.

Institutional Trading of Scorpio Tankers

Several hedge funds have recently added to or reduced their stakes in STNG. Assenagon Asset Management S.A. raised its stake in shares of Scorpio Tankers by 51.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 20,518 shares of the shipping company's stock worth $1,463,000 after buying an additional 7,010 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Scorpio Tankers by 8,249.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company's stock worth $134,057,000 after buying an additional 1,857,668 shares in the last quarter. U S Global Investors Inc. raised its stake in shares of Scorpio Tankers by 172.6% in the 3rd quarter. U S Global Investors Inc. now owns 4,877 shares of the shipping company's stock worth $348,000 after buying an additional 3,088 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Scorpio Tankers by 16.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 32,903 shares of the shipping company's stock worth $2,346,000 after buying an additional 4,564 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Scorpio Tankers by 191.0% in the 3rd quarter. Blue Trust Inc. now owns 3,277 shares of the shipping company's stock worth $234,000 after buying an additional 2,151 shares in the last quarter. Institutional investors own 54.64% of the company's stock.

Scorpio Tankers Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.63 and a current ratio of 2.67. The stock has a 50 day moving average price of $70.05 and a 200 day moving average price of $74.39. The company has a market cap of $3.27 billion, a P/E ratio of 4.83, a P/E/G ratio of 1.87 and a beta of 0.15.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.52 by $0.08. The business had revenue of $380.70 million for the quarter, compared to analysts' expectations of $368.62 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The company's quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.41 EPS. Research analysts expect that Scorpio Tankers Inc. will post 12.43 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Thursday, August 15th. Scorpio Tankers's payout ratio is 12.58%.

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.