Scorpio Tankers (NYSE:STNG) Hits New 52-Week Low – Here’s What Happened

Scorpio Tankers Inc. (NYSE:STNG) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $40.73 and last traded at $41.99, with a volume of 1047222 shares changing hands. The stock had previously closed at $41.23.

Analyst Upgrades and Downgrades

STNG has been the subject of several research analyst reports. Evercore ISI lowered their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 target price on shares of Scorpio Tankers in a report on Thursday, February 13th. Finally, Stifel Nicolaus cut their price target on Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating on the stock in a report on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $68.75.

Scorpio Tankers Stock Performance

The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 3.22 and a beta of 0.08. The company has a 50 day moving average price of $48.68 and a 200 day moving average price of $58.15. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Wednesday, February 12th. The shipping company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. Equities research analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.60 dividend on an annualized basis and a yield of 3.81%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 12.27%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in STNG. Allspring Global Investments Holdings LLC raised its holdings in shares of Scorpio Tankers by 16.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 32,903 shares of the shipping company’s stock worth $2,346,000 after acquiring an additional 4,564 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Scorpio Tankers by 51.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 20,518 shares of the shipping company’s stock worth $1,463,000 after purchasing an additional 7,010 shares in the last quarter. Measured Wealth Private Client Group LLC raised its stake in shares of Scorpio Tankers by 4.0% in the third quarter. Measured Wealth Private Client Group LLC now owns 12,541 shares of the shipping company’s stock worth $894,000 after purchasing an additional 484 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Scorpio Tankers in the third quarter valued at approximately $7,479,000. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Scorpio Tankers during the third quarter valued at approximately $28,000. 54.64% of the stock is owned by institutional investors.

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.