Scorpio Tankers (NYSE:STNG) Trading 4.7% Higher – Here’s Why

Shares of Scorpio Tankers Inc. (NYSE:STNG) shot up 4.7% on Wednesday . The stock traded as high as $70.26 and last traded at $69.3880. 784,696 shares changed hands during trading, a decline of 34% from the average session volume of 1,183,636 shares. The stock had previously closed at $66.30.

Analyst Upgrades and Downgrades

STNG has been the subject of several research analyst reports. B. Riley Financial reissued a “buy” rating on shares of Scorpio Tankers in a research note on Friday, February 13th. Dnb Carnegie lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 12th. Evercore reissued an “outperform” rating and issued a $83.00 price objective on shares of Scorpio Tankers in a research note on Friday, February 13th. Bank of America reaffirmed an “underperform” rating on shares of Scorpio Tankers in a research note on Monday, March 9th. Finally, Moffett Nathanson upgraded Scorpio Tankers to a “neutral” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, five have issued 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $79.67.

Scorpio Tankers Trading Up 2.8%

The company has a current ratio of 9.33, a quick ratio of 9.23 and a debt-to-equity ratio of 0.19. The firm has a market cap of $3.53 billion, a PE ratio of 9.65 and a beta of -0.31. The firm has a fifty day simple moving average of $66.90 and a two-hundred day simple moving average of $60.26.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Thursday, February 12th. The shipping company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.25. The company had revenue of $252.65 million during the quarter, compared to the consensus estimate of $238.93 million. Scorpio Tankers had a return on equity of 8.85% and a net margin of 36.70%.The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. Equities analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.80 annualized dividend and a dividend yield of 2.6%. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.42. Scorpio Tankers’s dividend payout ratio is 25.46%.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently bought and sold shares of STNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Scorpio Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company’s stock worth $996,000 after acquiring an additional 1,144 shares during the period. Intech Investment Management LLC boosted its stake in shares of Scorpio Tankers by 9.4% during the first quarter. Intech Investment Management LLC now owns 32,478 shares of the shipping company’s stock valued at $1,221,000 after purchasing an additional 2,802 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Scorpio Tankers in the 2nd quarter worth $534,000. PNC Financial Services Group Inc. grew its position in shares of Scorpio Tankers by 61.0% in the second quarter. PNC Financial Services Group Inc. now owns 924 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 350 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Scorpio Tankers by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 798,508 shares of the shipping company’s stock worth $31,246,000 after purchasing an additional 3,692 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

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.