Scorpio Tankers (NYSE:STNG) Stock Passes Above 50 Day Moving Average – Here’s Why

Shares of Scorpio Tankers Inc. (NYSE:STNG) crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $77.03 and traded as high as $81.00. Scorpio Tankers shares last traded at $79.43, with a volume of 633,067 shares trading hands.

Wall Street Analyst Weigh In

STNG has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Scorpio Tankers in a report on Thursday, June 18th. Wall Street Zen downgraded Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 14th. BTIG Research lifted their price objective on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Morgan Stanley set a $86.00 price objective on shares of Scorpio Tankers in a research note on Tuesday. Finally, Evercore reiterated an “outperform” rating and set a $94.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, July 22nd. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $90.14.

Scorpio Tankers Trading Down 1.0%

The company’s 50 day simple moving average is $77.09 and its 200-day simple moving average is $75.81. The firm has a market cap of $3.95 billion, a P/E ratio of 4.90 and a beta of -0.22. The company has a quick ratio of 6.89, a current ratio of 6.93 and a debt-to-equity ratio of 0.14.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Thursday, July 30th. The shipping company reported $4.68 EPS for the quarter, beating analysts’ consensus estimates of $4.56 by $0.12. Scorpio Tankers had a return on equity of 16.43% and a net margin of 67.16%.The firm had revenue of $408.73 million for the quarter, compared to analysts’ expectations of $398.25 million. During the same quarter in the prior year, the firm posted $1.41 earnings per share. The company’s quarterly revenue was up 77.5% on a year-over-year basis. As a group, research analysts predict that Scorpio Tankers Inc. will post 11.1 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 17th. Scorpio Tankers’s dividend payout ratio is 11.24%.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Scorpio Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company’s stock worth $996,000 after purchasing an additional 1,144 shares during the last quarter. Intech Investment Management LLC increased its stake in Scorpio Tankers by 9.4% in the 1st quarter. Intech Investment Management LLC now owns 32,478 shares of the shipping company’s stock worth $1,221,000 after buying an additional 2,802 shares during the period. Legal & General Group Plc lifted its holdings in Scorpio Tankers by 11.2% during the 2nd quarter. Legal & General Group Plc now owns 9,985 shares of the shipping company’s stock valued at $391,000 after buying an additional 1,005 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Scorpio Tankers by 593.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,807 shares of the shipping company’s stock valued at $110,000 after buying an additional 2,402 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in Scorpio Tankers by 3.1% in the 2nd quarter. Marshall Wace LLP now owns 151,604 shares of the shipping company’s stock valued at $5,932,000 after buying an additional 4,618 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Company Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.