Scorpio Tankers Inc. (STNG) Shares Down 6% After Earnings Miss
Scorpio Tankers Inc. (NASDAQ:STNG) shares fell 6% during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $3.77 and last traded at $3.91, with a volume of 6,455,707 shares traded. The stock had previously closed at $4.16.
The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.01. The business earned $114.34 million during the quarter, compared to the consensus estimate of $118.30 million. The company’s quarterly revenue was down 49.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Friday, November 25th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 12.38%. The ex-dividend date of this dividend is Tuesday, November 22nd.
A number of research analysts have recently issued reports on the stock. Deutsche Bank AG cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their target price for the company from $9.00 to $4.00 in a research note on Tuesday. Jefferies Group set a $7.00 target price on shares of Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $4.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Clarkson Capital cut shares of Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. Finally, Zacks Investment Research upgraded shares of Scorpio Tankers from a “sell” rating to a “hold” rating in a research note on Saturday, October 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Scorpio Tankers presently has a consensus rating of “Hold” and a consensus target price of $5.63.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new position in Scorpio Tankers during the third quarter worth about $143,000. RBF Capital LLC purchased a new position in Scorpio Tankers during the third quarter worth about $106,000. Clinton Group Inc. boosted its position in Scorpio Tankers by 28.4% in the third quarter. Clinton Group Inc. now owns 212,041 shares of the company’s stock valued at $982,000 after buying an additional 46,909 shares during the period. The Manufacturers Life Insurance Company bought a new position in Scorpio Tankers during the third quarter valued at $494,000. Finally, KCG Holdings Inc. boosted its position in Scorpio Tankers by 330.7% in the third quarter. KCG Holdings Inc. now owns 121,507 shares of the company’s stock valued at $563,000 after buying an additional 93,295 shares during the period.
The firm has a 50-day moving average of $4.32 and a 200-day moving average of $4.86. The company has a market capitalization of $651.98 million and a PE ratio of 4.63.
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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