Scorpio Tankers (NYSE:STNG) Hits New 52-Week Low on Disappointing Earnings

Scorpio Tankers Inc. (NYSE:STNG)’s stock price hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $44.92 and last traded at $44.88, with a volume of 560838 shares changing hands. The stock had previously closed at $47.86.

The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%.

Wall Street Analyst Weigh In

STNG has been the subject of a number of research reports. Bank of America reduced their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Jefferies Financial Group restated a “buy” rating and set a $75.00 price target on shares of Scorpio Tankers in a research note on Thursday. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Finally, Evercore ISI lowered their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $72.75.

Institutional Trading of Scorpio Tankers

A number of institutional investors have recently bought and sold shares of STNG. Harbor Capital Advisors Inc. acquired a new stake in shares of Scorpio Tankers in the third quarter valued at approximately $28,000. GAMMA Investing LLC raised its holdings in Scorpio Tankers by 204.1% in the 4th quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 402 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Scorpio Tankers by 75.8% during the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 263 shares during the period. AM Squared Ltd bought a new position in shares of Scorpio Tankers in the third quarter worth $64,000. Finally, PNC Financial Services Group Inc. lifted its position in Scorpio Tankers by 40.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after purchasing an additional 266 shares during the period. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The stock’s fifty day moving average price is $49.52 and its two-hundred day moving average price is $60.03. The company has a market cap of $2.25 billion, a P/E ratio of 3.20 and a beta of 0.08.

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.