Scorpio Tankers Inc. (STNG) Sees Significant Growth in Short Interest
Scorpio Tankers Inc. (NYSE:STNG) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 26,453,791 shares, an increase of 14.5% from the August 15th total of 23,108,729 shares. Based on an average daily trading volume, of 2,957,658 shares, the short-interest ratio is presently 8.9 days. Approximately 9.0% of the company’s shares are sold short.
A number of hedge funds have recently made changes to their positions in STNG. Evermore Global Advisors LLC purchased a new stake in shares of Scorpio Tankers during the second quarter valued at approximately $20,244,000. Benefit Street Partners LLC purchased a new stake in shares of Scorpio Tankers during the second quarter valued at approximately $19,285,000. Dimensional Fund Advisors LP raised its stake in shares of Scorpio Tankers by 14.4% during the first quarter. Dimensional Fund Advisors LP now owns 21,792,389 shares of the shipping company’s stock valued at $42,713,000 after purchasing an additional 2,743,205 shares during the period. BlackRock Inc. raised its stake in shares of Scorpio Tankers by 18.5% during the second quarter. BlackRock Inc. now owns 14,380,319 shares of the shipping company’s stock valued at $40,407,000 after purchasing an additional 2,248,469 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Scorpio Tankers by 40.6% during the first quarter. Russell Investments Group Ltd. now owns 7,339,738 shares of the shipping company’s stock valued at $14,385,000 after purchasing an additional 2,121,265 shares during the period. 60.65% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on STNG. Zacks Investment Research cut shares of Scorpio Tankers from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Morgan Stanley reduced their price target on shares of Scorpio Tankers from $3.00 to $2.70 and set an “overweight” rating on the stock in a research report on Wednesday, August 1st. ValuEngine raised shares of Scorpio Tankers from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Bank of America reduced their price target on shares of Scorpio Tankers from $3.75 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, August 1st. Finally, Stifel Nicolaus set a $5.00 price target on shares of Scorpio Tankers and gave the company a “buy” rating in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $4.20.
Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, July 31st. The shipping company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The business had revenue of $141.80 million for the quarter, compared to analyst estimates of $144.35 million. Scorpio Tankers had a negative net margin of 31.44% and a negative return on equity of 9.08%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. equities research analysts anticipate that Scorpio Tankers will post -0.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Thursday, September 20th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Wednesday, September 19th. This represents a $0.04 dividend on an annualized basis and a yield of 2.09%. Scorpio Tankers’s dividend payout ratio (DPR) is -8.51%.
Scorpio Tankers Company Profile
Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products worldwide. As of March 22, 2018, its fleet consisted of 109 tankers, including 38 LR2, 12 LR1, 45 MR, and 14 Handymax tankers with an average age of approximately 2.6 years; and 20 time or bareboat chartered-in tankers, which include 2 LR2, 10 MR, and 8 Handymax tankers.
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