Scorpio Tankers Inc. (STNG) Shares Gap Down on Disappointing Earnings
Shares of Scorpio Tankers Inc. (NASDAQ:STNG) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $3.82, but opened at $3.91. Scorpio Tankers shares last traded at $3.93, with a volume of 2,233,797 shares changing hands.
The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.01. The business had revenue of $114.34 million for the quarter, compared to the consensus estimate of $118.30 million. The business’s revenue was down 49.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Friday, November 25th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.47%.
A number of brokerages have commented on STNG. Jefferies Group reissued a “buy” rating and issued a $6.00 price objective on shares of Scorpio Tankers in a research note on Wednesday. Deutsche Bank AG set a $9.00 price objective on shares of Scorpio Tankers and gave the stock a “buy” rating in a research note on Monday, August 1st. Zacks Investment Research cut shares of Scorpio Tankers from a “hold” rating to a “sell” rating in a research note on Wednesday, September 28th. Credit Suisse Group AG reissued a “buy” rating and issued a $7.00 price objective on shares of Scorpio Tankers in a research note on Monday, October 17th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $4.50 price objective (down from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. 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 stock. The company presently has a consensus rating of “Hold” and a consensus price target of $5.38.
Several institutional investors have recently added to or reduced their stakes in STNG. IBM Retirement Fund purchased a new position in Scorpio Tankers during the second quarter worth approximately $108,000. American Century Companies Inc. raised 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 $135,000. Putnam FL Investment Management Co. raised 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. raised 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.
The company has a market capitalization of $703.62 million and a P/E ratio of 5.00. The firm’s 50 day moving average price is $4.32 and its 200 day moving average price is $4.86.
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.
Receive News & Stock Ratings for Scorpio Tankers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Tankers Inc. and related stocks with our FREE daily email newsletter.