Scorpio Tankers (NYSE:STNG) Trading Down 7.2% Following Weak Earnings

Scorpio Tankers Inc. (NYSE:STNG) dropped 7.2% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $28.50 and last traded at $29.91, approximately 2,969,175 shares were traded during trading. An increase of 273% from the average daily volume of 797,039 shares. The stock had previously closed at $32.23.

The shipping company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.06). The firm had revenue of $136.07 million during the quarter, compared to analysts’ expectations of $142.53 million. Scorpio Tankers had a negative net margin of 16.52% and a negative return on equity of 5.50%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.21) EPS.

STNG has been the topic of several research reports. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and raised their target price for the company from $32.00 to $37.00 in a research report on Thursday, October 17th. Zacks Investment Research upgraded Scorpio Tankers from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. B. Riley set a $40.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, ValuEngine downgraded Scorpio Tankers from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $36.33.

Institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. raised its position in Scorpio Tankers by 496.1% in the second quarter. Advisor Group Inc. now owns 912 shares of the shipping company’s stock valued at $27,000 after purchasing an additional 759 shares during the period. US Bancorp DE purchased a new stake in Scorpio Tankers in the second quarter valued at $46,000. Aperio Group LLC purchased a new stake in Scorpio Tankers in the second quarter valued at $103,000. Bank of Montreal Can raised its position in Scorpio Tankers by 907.7% in the second quarter. Bank of Montreal Can now owns 4,041 shares of the shipping company’s stock valued at $119,000 after purchasing an additional 3,640 shares during the period. Finally, Altshuler Shaham Ltd purchased a new stake in Scorpio Tankers in the second quarter valued at $126,000. Hedge funds and other institutional investors own 57.55% of the company’s stock.

The company has a quick ratio of 1.13, a current ratio of 1.15 and a debt-to-equity ratio of 1.31. The company has a market cap of $1.55 billion, a PE ratio of -6.69 and a beta of 1.04. The stock has a 50-day simple moving average of $32.43 and a 200 day simple moving average of $28.29.

About Scorpio Tankers (NYSE:STNG)

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products worldwide. As of March 20, 2019, its owned or finance leased 109 product tankers, including 38 LR2 tankers, 12 LR1 tankers, 45 MR tankers, and 14 Handymax tankers with an average age of 3.6 years; and time or bareboat chartered-in 10 product tankers comprising 3 MR tankers and 7 Handymax tankers.

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