B. Riley Weighs in on Scorpio Tankers Inc.’s Q2 2024 Earnings (NYSE:STNG)

Scorpio Tankers Inc. (NYSE:STNG) – Analysts at B. Riley cut their Q2 2024 earnings estimates for shares of Scorpio Tankers in a research report issued on Thursday, April 11th. B. Riley analyst L. Burke now expects that the shipping company will earn $2.16 per share for the quarter, down from their previous estimate of $2.33. The consensus estimate for Scorpio Tankers’ current full-year earnings is $12.30 per share. B. Riley also issued estimates for Scorpio Tankers’ FY2025 earnings at $10.59 EPS.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. lifted their price target on Scorpio Tankers from $85.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, February 14th. Finally, Evercore ISI upped their price target on Scorpio Tankers from $89.00 to $91.00 and gave the stock an “outperform” rating in a research note on Thursday, February 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $74.00.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock opened at $70.97 on Monday. The company has a market capitalization of $3.77 billion, a PE ratio of 7.14 and a beta of 0.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.13. The company has a 50-day simple moving average of $69.41 and a two-hundred day simple moving average of $62.72. Scorpio Tankers has a one year low of $40.34 and a one year high of $74.04.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, February 14th. The shipping company reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.13. The company had revenue of $336.30 million for the quarter, compared to analysts’ expectations of $335.70 million. Scorpio Tankers had a net margin of 40.78% and a return on equity of 22.86%. Scorpio Tankers’s quarterly revenue was down 31.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.24 earnings per share.

Institutional Trading of Scorpio Tankers

Several hedge funds have recently added to or reduced their stakes in the business. Counterpoint Mutual Funds LLC grew its holdings in Scorpio Tankers by 24.7% during the first quarter. Counterpoint Mutual Funds LLC now owns 7,526 shares of the shipping company’s stock worth $538,000 after purchasing an additional 1,489 shares during the period. International Assets Investment Management LLC grew its stake in shares of Scorpio Tankers by 34.8% during the first quarter. International Assets Investment Management LLC now owns 21,517 shares of the shipping company’s stock worth $1,565,000 after buying an additional 5,550 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Scorpio Tankers in the fourth quarter worth $740,000. Vanguard Group Inc. lifted its holdings in Scorpio Tankers by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 311,180 shares of the shipping company’s stock valued at $18,920,000 after buying an additional 19,662 shares during the period. Finally, Wellington Management Group LLP acquired a new position in Scorpio Tankers in the fourth quarter valued at $899,000. Institutional investors and hedge funds own 54.64% of the company’s stock.

Scorpio Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 8th were paid a $0.40 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.25%. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.35. Scorpio Tankers’s dividend payout ratio is 16.10%.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.