Scorpio Tankers (NYSE:STNG) Shares Up 3.7% – Here’s What Happened

Shares of Scorpio Tankers Inc. (NYSE:STNG) traded up 3.7% on Thursday. The company traded as high as $88.44 and last traded at $87.6150. 233,076 shares traded hands during trading, a decline of 77% from the average session volume of 1,032,345 shares. The stock had previously closed at $84.51.

Wall Street Analyst Weigh In

STNG has been the subject of several recent research reports. Jefferies Financial Group restated a “buy” rating and issued a $100.00 price target on shares of Scorpio Tankers in a research report on Tuesday, August 4th. Bank of America restated an “underperform” rating on shares of Scorpio Tankers in a research report on Tuesday, September 8th. BTIG Research boosted their price target on shares of Scorpio Tankers from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Evercore reaffirmed an “outperform” rating and issued a $94.00 price objective on shares of Scorpio Tankers in a research note on Wednesday, July 22nd. Finally, Morgan Stanley set a $86.00 price objective on shares of Scorpio Tankers in a research report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.57.

Scorpio Tankers Price Performance

The company has a current ratio of 6.93, a quick ratio of 6.89 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $81.23 and a 200 day moving average of $78.78. The firm has a market capitalization of $4.29 billion, a P/E ratio of 5.31 and a beta of -0.17.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Thursday, July 30th. The shipping company reported $4.68 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $398.25 million. During the same quarter in the previous year, the company posted $1.41 earnings per share. The company’s quarterly revenue was up 77.5% on a year-over-year basis. On average, sell-side analysts predict that Scorpio Tankers Inc. will post 11.28 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 17th were given a $0.45 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.80 annualized dividend and a yield of 2.1%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.24%.

Insider Buying and Selling

In related news, insider Auste Adelborg sold 6,834 shares of Scorpio Tankers stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $89.64, for a total transaction of $612,599.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Robert Bugbee sold 231,799 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $86.19, for a total value of $19,978,755.81. Following the transaction, the president owned 665,288 shares in the company, valued at approximately $57,341,172.72. This trade represents a 25.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 420,133 shares of company stock valued at $36,611,311. Company insiders own 7.34% of the company’s stock.

Hedge Funds Weigh In On Scorpio Tankers

A number of hedge funds and other institutional investors have recently modified their holdings of STNG. Dimensional Fund Advisors LP increased its stake in shares of Scorpio Tankers by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,128,150 shares of the shipping company’s stock worth $233,544,000 after purchasing an additional 122,874 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Scorpio Tankers by 7.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 918,223 shares of the shipping company’s stock worth $68,555,000 after purchasing an additional 64,511 shares during the period. Bank of America Corp DE lifted its stake in Scorpio Tankers by 9.3% in the first quarter. Bank of America Corp DE now owns 244,364 shares of the shipping company’s stock valued at $18,244,000 after purchasing an additional 20,878 shares during the last quarter. Empowered Funds LLC grew its holdings in Scorpio Tankers by 20.9% during the first quarter. Empowered Funds LLC now owns 240,545 shares of the shipping company’s stock valued at $17,959,000 after purchasing an additional 41,516 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Scorpio Tankers by 9.8% during the first quarter. Bank of New York Mellon Corp now owns 132,975 shares of the shipping company’s stock valued at $9,928,000 after purchasing an additional 11,829 shares during the period. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Company Profile

Scorpio Tankers Inc is a marine transportation company that owns, leases and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and heating oil, as well as certain petrochemical products.

Its vessels serve international energy markets by carrying clean petroleum products between refineries, storage terminals and regional distribution centers. Scorpio Tankers operates across major global shipping routes and serves customers in the oil trading, refining and energy industries.

Founded in 2009, Scorpio Tankers became a publicly traded company on the New York Stock Exchange in 2010.