Analysts Issue Forecasts for Scorpio Tankers Inc.’s Q2 2024 Earnings (NYSE:STNG)

Scorpio Tankers Inc. (NYSE:STNG) – Research analysts at B. Riley decreased their Q2 2024 earnings per share (EPS) estimates for shares of Scorpio Tankers in a report issued on Thursday, April 11th. B. Riley analyst L. Burke now expects that the shipping company will post earnings of $2.16 per share for the quarter, down from their previous estimate of $2.33. The consensus estimate for Scorpio Tankers’ current full-year earnings is $12.30 per share. B. Riley also issued estimates for Scorpio Tankers’ FY2025 earnings at $10.59 EPS.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Wednesday, February 14th. The shipping company reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.13. Scorpio Tankers had a return on equity of 22.86% and a net margin of 40.78%. The firm had revenue of $336.30 million during the quarter, compared to analysts’ expectations of $335.70 million. During the same quarter in the prior year, the business earned $4.24 earnings per share. The company’s revenue was down 31.9% on a year-over-year basis.

Other research analysts have also issued reports about the company. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a research report on Wednesday, February 14th. JPMorgan Chase & Co. increased their target price on Scorpio Tankers from $85.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Finally, Evercore ISI raised their price target on Scorpio Tankers from $89.00 to $91.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $74.00.

Scorpio Tankers Stock Down 0.9 %

Shares of STNG stock opened at $70.97 on Monday. The stock has a 50 day moving average of $69.33 and a 200-day moving average of $62.60. The company has a quick ratio of 1.12, a current ratio of 1.13 and a debt-to-equity ratio of 0.37. The firm has a market cap of $3.77 billion, a PE ratio of 7.14 and a beta of 0.21. Scorpio Tankers has a 12 month low of $40.34 and a 12 month high of $74.04.

Institutional Investors Weigh In On Scorpio Tankers

Hedge funds have recently modified their holdings of the business. Neo Ivy Capital Management acquired a new stake in shares of Scorpio Tankers during the third quarter worth about $27,000. CWM LLC raised its position in Scorpio Tankers by 1,037.0% in the 3rd quarter. CWM LLC now owns 523 shares of the shipping company’s stock valued at $28,000 after buying an additional 477 shares during the last quarter. Lazard Asset Management LLC raised its position in Scorpio Tankers by 1,985.7% in the 2nd quarter. Lazard Asset Management LLC now owns 584 shares of the shipping company’s stock valued at $27,000 after buying an additional 556 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Scorpio Tankers in the 3rd quarter valued at approximately $52,000. Finally, Meeder Asset Management Inc. raised its position in Scorpio Tankers by 35.2% in the 1st quarter. Meeder Asset Management Inc. now owns 964 shares of the shipping company’s stock valued at $54,000 after buying an additional 251 shares during the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Scorpio Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 8th were paid a $0.40 dividend. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.35. The ex-dividend date was Thursday, March 7th. This represents a $1.60 annualized dividend and a yield of 2.25%. Scorpio Tankers’s dividend payout ratio is presently 16.10%.

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.