Scorpio Tankers (NYSE:STNG) Shares Up 4.2% Following Analyst Upgrade

Scorpio Tankers Inc. (NYSE:STNGGet Rating)’s share price shot up 4.2% during trading on Monday after StockNews.com upgraded the stock from a hold rating to a buy rating. The stock traded as high as $40.44 and last traded at $40.24. 12,572 shares changed hands during trading, a decline of 99% from the average session volume of 1,193,901 shares. The stock had previously closed at $38.61.

STNG has been the topic of several other research reports. Clarkson Capital restated a “buy” rating on shares of Scorpio Tankers in a research report on Tuesday, June 14th. HC Wainwright increased their price target on Scorpio Tankers from $28.00 to $38.00 in a report on Friday, April 29th. Stifel Nicolaus increased their price target on Scorpio Tankers from $39.00 to $43.00 in a report on Tuesday, July 19th. B. Riley increased their price target on Scorpio Tankers from $45.00 to $50.00 in a report on Friday. Finally, BTIG Research reiterated a “maintains” rating on shares of Scorpio Tankers in a report on Friday. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Scorpio Tankers has a consensus rating of “Moderate Buy” and an average target price of $34.06.

Institutional Trading of Scorpio Tankers

Several institutional investors and hedge funds have recently modified their holdings of STNG. Allspring Global Investments Holdings LLC purchased a new stake in shares of Scorpio Tankers in the fourth quarter worth approximately $145,000. Peregrine Capital Management LLC increased its position in shares of Scorpio Tankers by 14.5% during the fourth quarter. Peregrine Capital Management LLC now owns 509,447 shares of the shipping company’s stock valued at $6,526,000 after acquiring an additional 64,677 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Scorpio Tankers during the fourth quarter valued at approximately $153,000. Royce & Associates LP increased its position in shares of Scorpio Tankers by 22.8% during the fourth quarter. Royce & Associates LP now owns 595,276 shares of the shipping company’s stock valued at $7,625,000 after acquiring an additional 110,600 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Scorpio Tankers by 43.6% during the fourth quarter. American Century Companies Inc. now owns 185,834 shares of the shipping company’s stock valued at $2,381,000 after acquiring an additional 56,421 shares during the last quarter. 42.80% of the stock is owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Up 4.3 %

The company has a quick ratio of 1.13, a current ratio of 1.16 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $2.35 billion, a PE ratio of -63.90 and a beta of 0.51. The stock has a 50-day moving average of $35.37 and a 200 day moving average of $25.22.

Scorpio Tankers (NYSE:STNGGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The shipping company reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $405.80 million during the quarter, compared to the consensus estimate of $333.11 million. Scorpio Tankers had a positive return on equity of 3.37% and a negative net margin of 1.49%. Scorpio Tankers’s revenue was up 191.1% on a year-over-year basis. During the same period last year, the business posted ($0.94) earnings per share. Sell-side analysts anticipate that Scorpio Tankers Inc. will post 4.05 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, August 11th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Wednesday, August 10th. Scorpio Tankers’s payout ratio is -63.49%.

About Scorpio Tankers

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Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 18, 2022, the company's fleet consisted of 124 owned, finance leased, or bareboat chartered-in tankers, including 42 LR2, 6 LR1, 62 MR, and 14 Handymax with a weighted average age of approximately 6.2 years.

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