Scorpio Tankers (NYSE:STNG) Cut to Hold at StockNews.com

StockNews.com cut shares of Scorpio Tankers (NYSE:STNG) from a buy rating to a hold rating in a research note published on Saturday morning.

STNG has been the subject of several other reports. Bank of America downgraded Scorpio Tankers from a buy rating to a neutral rating and reduced their target price for the company from $60.00 to $45.00 in a report on Friday, July 21st. JPMorgan Chase & Co. reduced their target price on Scorpio Tankers from $83.00 to $73.00 and set an overweight rating for the company in a report on Tuesday, November 14th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Scorpio Tankers from $55.00 to $61.00 and gave the company a buy rating in a research note on Thursday, September 21st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $68.00.

Scorpio Tankers Trading Up 0.2 %

NYSE:STNG opened at $56.29 on Friday. Scorpio Tankers has a 1 year low of $40.34 and a 1 year high of $64.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market cap of $3.07 billion, a P/E ratio of 4.70, a P/E/G ratio of 0.16 and a beta of 0.34. The stock has a 50-day simple moving average of $54.60 and a 200-day simple moving average of $49.72.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Thursday, November 9th. The shipping company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.31. Scorpio Tankers had a return on equity of 27.56% and a net margin of 46.07%. The business had revenue of $291.20 million during the quarter, compared to the consensus estimate of $277.96 million. During the same period in the previous year, the business earned $4.29 EPS. The business’s quarterly revenue was down 40.6% on a year-over-year basis. As a group, analysts anticipate that Scorpio Tankers will post 10.41 earnings per share for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.49%. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 29th. Scorpio Tankers’s dividend payout ratio is 8.35%.

Hedge Funds Weigh In On Scorpio Tankers

Large investors have recently modified their holdings of the business. Lazard Asset Management LLC grew its holdings in shares of Scorpio Tankers by 1,985.7% in the 2nd quarter. Lazard Asset Management LLC now owns 584 shares of the shipping company’s stock worth $27,000 after acquiring an additional 556 shares during the period. CWM LLC grew its holdings in shares of Scorpio Tankers by 1,037.0% in the 3rd quarter. CWM LLC now owns 523 shares of the shipping company’s stock worth $28,000 after acquiring an additional 477 shares during the period. Covestor Ltd grew its holdings in shares of Scorpio Tankers by 21,950.0% in the 2nd quarter. Covestor Ltd now owns 882 shares of the shipping company’s stock worth $42,000 after acquiring an additional 878 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Scorpio Tankers in the 3rd quarter worth approximately $52,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of Scorpio Tankers by 35.2% in the 1st quarter. Meeder Asset Management Inc. now owns 964 shares of the shipping company’s stock worth $54,000 after acquiring an additional 251 shares during the period. 66.82% of the stock is owned by hedge funds and other institutional investors.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 23, 2023, its fleet consisted of 113 owned, finance leased, or bareboat chartered-in tankers, including 39 LR2, 60 MR, and 14 Handymax with a weighted average age of approximately 7.2 years.