Scorpio Tankers (NYSE:STNG) Shares Gap Up - Here's Why

Shares of Scorpio Tankers Inc. (NYSE:STNG - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $52.39, but opened at $55.57. Scorpio Tankers shares last traded at $55.08, with a volume of 225,936 shares trading hands.

Wall Street Analysts Forecast Growth

STNG has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price objective on shares of Scorpio Tankers from $80.00 to $75.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Evercore ISI reduced their price target on shares of Scorpio Tankers from $84.00 to $80.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Bank of America lowered their price objective on shares of 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 lowered Scorpio Tankers from a "buy" rating to a "hold" rating and reduced their target price for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Finally, Fearnley Fonds upgraded Scorpio Tankers to a "hold" rating in a report on Friday, September 27th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $75.40.

Scorpio Tankers Stock Performance

The stock's 50 day moving average is $51.33 and its two-hundred day moving average is $64.91. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 3.93 and a beta of 0.12. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. Scorpio Tankers's quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the company earned $1.91 earnings per share. Analysts expect that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.91%. Scorpio Tankers's dividend payout ratio (DPR) is presently 11.47%.

Hedge Funds Weigh In On Scorpio Tankers

A number of large investors have recently modified their holdings of STNG. EverSource Wealth Advisors LLC lifted its stake 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 acquiring an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Scorpio Tankers in the 3rd quarter valued at about $28,000. GAMMA Investing LLC grew its holdings in Scorpio Tankers by 204.1% during the fourth quarter. GAMMA Investing LLC now owns 599 shares of the shipping company's stock worth $30,000 after purchasing an additional 402 shares during the period. 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 purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. increased 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 worth $57,000 after buying an additional 177 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

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.