Scorpio Tankers (NYSE:STNG) Stock Jumps 3.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $100.00 target price on shares of Scorpio Tankers in a research note on Tuesday, August 4th. Wall Street Zen cut Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a research note on Monday, September 14th. Morgan Stanley set a $86.00 target price on shares of Scorpio Tankers in a research report on Tuesday, August 18th. Finally, Zacks Research downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $91.57.

Scorpio Tankers Stock Up 3.1%

The firm has a market capitalization of $4.39 billion, a PE ratio of 5.44 and a beta of -0.17. 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 firm has a 50-day moving average of $80.84 and a two-hundred day moving average of $78.59.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $4.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.56 by $0.12. The firm had revenue of $408.73 million during the quarter, compared to the consensus estimate of $398.25 million. Scorpio Tankers had a return on equity of 16.43% and a net margin of 67.16%.The firm’s quarterly revenue was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 earnings per share. On average, equities research analysts forecast that Scorpio Tankers Inc. will post 11.01 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, August 17th. Scorpio Tankers’s payout ratio is currently 11.24%.

Insider Transactions at Scorpio Tankers

In related news, insider Auste Adelborg sold 6,834 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $89.64, for a total transaction of $612,599.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Cameron Mackey sold 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $89.03, for a total transaction of $11,128,750.00. Following the completion of the transaction, the chief operating officer owned 739,531 shares in the company, valued at $65,840,444.93. The trade was a 14.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 420,133 shares of company stock worth $36,611,311 over the last 90 days. Company insiders own 7.34% of the company’s stock.

Institutional Investors Weigh In On Scorpio Tankers

Several large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings 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 valued at $233,544,000 after acquiring an additional 122,874 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Scorpio Tankers by 7.6% during 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 increased its holdings in Scorpio Tankers by 9.3% in the 1st 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 in the last quarter. Empowered Funds LLC increased its holdings in Scorpio Tankers by 20.9% in the 1st 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Scorpio Tankers by 9.8% in 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. Institutional investors and hedge funds own 54.64% of the company’s stock.

About Scorpio Tankers

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.