Scorpio Tankers Inc. Declares Quarterly Dividend of $0.40 (NYSE:STNG)

Scorpio Tankers Inc. (NYSE:STNG) announced a quarterly dividend on Monday, October 28th, Zacks reports. Shareholders of record on Friday, November 22nd will be paid a dividend of 0.40 per share by the shipping company on Friday, December 13th. This represents a $1.60 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Friday, November 22nd.

Scorpio Tankers has raised its dividend by an average of 38.0% per year over the last three years. Scorpio Tankers has a payout ratio of 15.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Scorpio Tankers to earn $9.11 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 17.6%.

Scorpio Tankers Stock Performance

NYSE:STNG traded down $0.77 during mid-day trading on Wednesday, reaching $58.55. 130,951 shares of the company’s stock were exchanged, compared to its average volume of 911,786. The firm has a market capitalization of $3.20 billion, a PE ratio of 5.47 and a beta of 0.15. Scorpio Tankers has a one year low of $52.68 and a one year high of $84.67. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.63 and a current ratio of 2.67. The business’s fifty day simple moving average is $68.85 and its two-hundred day simple moving average is $74.06.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.14. The company had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The firm’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.91 earnings per share. Analysts anticipate that Scorpio Tankers will post 11.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on STNG shares. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their target price for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Evercore ISI increased their target price on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Bank of America reduced their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $82.40.

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.