Scorpio Tankers Inc. (NYSE:STNG) Sees Large Growth in Short Interest

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Scorpio Tankers Inc. (NYSE:STNG) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 2,330,000 shares, a growth of 9.9% from the September 30th total of 2,120,000 shares. Currently, 6.3% of the company’s stock are short sold. Based on an average daily volume of 824,200 shares, the days-to-cover ratio is currently 2.8 days.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Adirondack Research & Management Inc. bought a new stake in Scorpio Tankers in the 3rd quarter valued at $613,000. SG Americas Securities LLC bought a new stake in Scorpio Tankers in the 3rd quarter valued at $174,000. Russell Investments Group Ltd. boosted its stake in Scorpio Tankers by 153.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 578,309 shares of the shipping company’s stock valued at $17,209,000 after purchasing an additional 350,188 shares during the period. California Public Employees Retirement System boosted its stake in Scorpio Tankers by 93.4% in the 3rd quarter. California Public Employees Retirement System now owns 91,104 shares of the shipping company’s stock valued at $2,711,000 after purchasing an additional 43,991 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Scorpio Tankers in the 3rd quarter valued at $795,000. Institutional investors own 57.62% of the company’s stock.

Several research analysts have weighed in on STNG shares. Evercore ISI reaffirmed a “buy” rating on shares of Scorpio Tankers in a research report on Monday. B. Riley set a $40.00 target price on Scorpio Tankers and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Zacks Investment Research upgraded Scorpio Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. ValuEngine downgraded Scorpio Tankers from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and lifted their target price for the stock from $32.00 to $37.00 in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $36.33.

Shares of NYSE STNG traded up $0.53 during midday trading on Friday, hitting $32.07. 634,967 shares of the company’s stock were exchanged, compared to its average volume of 797,689. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 1.38. Scorpio Tankers has a 12 month low of $15.00 and a 12 month high of $36.85. The company’s 50 day moving average price is $32.74 and its 200 day moving average price is $28.45. The firm has a market capitalization of $1.83 billion, a PE ratio of -7.03 and a beta of 1.04.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Thursday, November 7th. The shipping company reported ($0.92) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by ($0.06). Scorpio Tankers had a negative return on equity of 4.13% and a negative net margin of 12.03%. The business had revenue of $136.07 million for the quarter, compared to the consensus estimate of $142.53 million. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. The business’s revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts anticipate that Scorpio Tankers will post -0.73 EPS for the current year.

Scorpio Tankers Company Profile

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products worldwide. As of March 20, 2019, its owned or finance leased 109 product tankers, including 38 LR2 tankers, 12 LR1 tankers, 45 MR tankers, and 14 Handymax tankers with an average age of 3.6 years; and time or bareboat chartered-in 10 product tankers comprising 3 MR tankers and 7 Handymax tankers.

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