Scorpio Tankers Inc. (STNG) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Scorpio Tankers Inc. (NASDAQ:STNG) posted its quarterly earnings data on Monday. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.10) by $0.01. The firm earned $114.34 million during the quarter, compared to analysts’ expectations of $118.30 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. The firm’s revenue for the quarter was down 49.9% on a year-over-year basis.
Shares of Scorpio Tankers (NASDAQ:STNG) opened at 3.91 on Tuesday. The company has a market cap of $631.00 million and a P/E ratio of 4.48. Scorpio Tankers has a 1-year low of $3.61 and a 1-year high of $9.13. The firm has a 50-day moving average price of $4.34 and a 200-day moving average price of $4.88.
Several hedge funds have recently modified their holdings of STNG. IBM Retirement Fund bought a new stake in shares of Scorpio Tankers during the second quarter worth approximately $108,000. American Century Companies Inc. increased its stake in shares of Scorpio Tankers by 78.9% in the second quarter. American Century Companies Inc. now owns 1,600,455 shares of the company’s stock worth $6,722,000 after buying an additional 705,821 shares during the last quarter. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Scorpio Tankers during the second quarter worth approximately $135,000. Putnam FL Investment Management Co. increased its stake in shares of Scorpio Tankers by 19.3% in the second quarter. Putnam FL Investment Management Co. now owns 33,695 shares of the company’s stock worth $142,000 after buying an additional 5,460 shares during the last quarter. Finally, Wedbush Securities Inc. increased its stake in shares of Scorpio Tankers by 410.1% in the second quarter. Wedbush Securities Inc. now owns 67,142 shares of the company’s stock worth $282,000 after buying an additional 53,979 shares during the last quarter.
Several research analysts have recently commented on STNG shares. Zacks Investment Research downgraded Scorpio Tankers from a “hold” rating to a “sell” rating in a research note on Thursday, October 13th. Deutsche Bank AG set a $9.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Monday, August 1st. Jefferies Group set a $7.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley reissued an “equal weight” rating and set a $4.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Finally, Credit Suisse Group AG reissued a “buy” rating and set a $7.00 target price on shares of Scorpio Tankers in a research note on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $6.88.
About Scorpio Tankers
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, Panamax/LR1 and Aframax/LR2. The Company’s fleet consists of approximately 78 tankers (over 18 LR2 tankers, approximately 14 Handymax tankers and over 46 MR tankers) with a weighted average age of approximately 1.5 years, and approximately 11 time chartered-in tankers, which it operates (approximately three LR2 tankers, a LR1 tanker, over four MR tankers and approximately three Handymax tankers), which it refers to collectively as its Operating Fleet.
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