Scorpio Tankers (NYSE:STNG) Sets New 52-Week Low Following Weak Earnings

Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) reached a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $44.92 and last traded at $44.88, with a volume of 560838 shares traded. 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 return on equity of 22.56% and a net margin of 52.40%.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.40 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.63%. Scorpio Tankers's dividend payout ratio (DPR) is 11.47%.

Analyst Upgrades and Downgrades

STNG has been the subject of a number of recent analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Scorpio Tankers in a research report on Thursday. 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. Stifel Nicolaus reduced their price objective on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating on the stock in a research note on Friday. Finally, Evercore ISI cut their price objective on Scorpio Tankers from $84.00 to $80.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $68.75.

Hedge Funds Weigh In On Scorpio Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STNG. Mountaineer Partners Management LLC boosted its stake in Scorpio Tankers by 6,926.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company's stock valued at $596,912,000 after purchasing an additional 8,252,691 shares in the last quarter. FMR LLC lifted its position in shares of Scorpio Tankers by 266.2% in the fourth quarter. FMR LLC now owns 2,613,611 shares of the shipping company's stock worth $129,870,000 after buying an additional 1,899,981 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Scorpio Tankers by 8,249.0% in the third 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 during the last quarter. Cooper Creek Partners Management LLC increased its stake in shares of Scorpio Tankers by 380.0% in the fourth quarter. Cooper Creek Partners Management LLC now owns 2,195,563 shares of the shipping company's stock worth $109,098,000 after purchasing an additional 1,738,190 shares during the period. Finally, Norges Bank bought a new position in shares of Scorpio Tankers in the fourth quarter worth about $30,374,000. 54.64% of the stock is owned by institutional investors.

Scorpio Tankers Stock Down 1.2 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. The stock has a market capitalization of $2.23 billion, a P/E ratio of 3.16 and a beta of 0.08. The firm has a 50 day moving average of $49.33 and a 200-day moving average of $59.47.

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.