Scorpio Tankers (NYSE:STNG) Shares Up 7.8% – Here’s What Happened

Scorpio Tankers Inc. (NYSE:STNG) shares traded up 7.8% on Tuesday . The stock traded as high as $59.33 and last traded at $59.19. 467,165 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,228,631 shares. The stock had previously closed at $54.93.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on STNG shares. Moffett Nathanson upgraded shares of Scorpio Tankers to a “neutral” rating in a research report on Monday. Jefferies Financial Group restated a “buy” rating and issued a $70.00 price objective on shares of Scorpio Tankers in a research report on Thursday, October 30th. Bank of America lowered Scorpio Tankers from a “buy” rating to an “underperform” rating in a research report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Scorpio Tankers in a research report on Monday, December 29th. Finally, B. Riley reiterated a “buy” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Scorpio Tankers in a report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.17.

Scorpio Tankers Price Performance

The company has a 50-day moving average of $56.03 and a 200-day moving average of $52.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.75 and a current ratio of 4.81. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 10.14 and a beta of -0.27.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.10. Scorpio Tankers had a net margin of 32.01% and a return on equity of 7.42%. The company had revenue of $232.92 million during the quarter, compared to analysts’ expectations of $228.09 million. During the same quarter in the prior year, the company earned $1.75 earnings per share. The business’s quarterly revenue was down 9.9% compared to the same quarter last year. As a group, research analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.8%. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.40. Scorpio Tankers’s dividend payout ratio (DPR) is 28.43%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Marex Group plc bought a new position in shares of Scorpio Tankers in the 2nd quarter valued at about $901,000. Moody Aldrich Partners LLC grew its holdings in Scorpio Tankers by 84.5% during the third quarter. Moody Aldrich Partners LLC now owns 120,862 shares of the shipping company’s stock worth $6,774,000 after purchasing an additional 55,360 shares during the period. Rhumbline Advisers increased its position in Scorpio Tankers by 10.7% during the first quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company’s stock worth $3,163,000 after buying an additional 8,170 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Scorpio Tankers in the third quarter valued at approximately $2,242,000. Finally, Allworth Financial LP lifted its position in shares of Scorpio Tankers by 1,954.8% in the second quarter. Allworth Financial LP now owns 10,870 shares of the shipping company’s stock valued at $425,000 after buying an additional 10,341 shares during the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

About Scorpio Tankers

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.