Scorpio Tankers Inc. (NYSE:STNG) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 49,368,344 shares, a growth of 93.4% from the September 28th total of 25,522,004 shares. Currently, 21.1% of the shares of the company are sold short. Based on an average daily trading volume, of 6,738,710 shares, the short-interest ratio is currently 7.3 days.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Scorpio Tankers by 18.5% during the 2nd quarter. BlackRock Inc. now owns 14,380,319 shares of the shipping company’s stock valued at $40,407,000 after buying an additional 2,248,469 shares during the period. Bienville Capital Management LLC purchased a new stake in Scorpio Tankers in the second quarter valued at approximately $2,445,000. Schwab Charles Investment Management Inc. raised its position in Scorpio Tankers by 18.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,609,358 shares of the shipping company’s stock valued at $4,523,000 after purchasing an additional 245,866 shares during the period. Price Capital Management Inc. purchased a new stake in Scorpio Tankers in the second quarter valued at approximately $688,000. Finally, Rhumbline Advisers raised its position in Scorpio Tankers by 26.6% in the second quarter. Rhumbline Advisers now owns 286,362 shares of the shipping company’s stock valued at $805,000 after purchasing an additional 60,183 shares during the period. 38.51% of the stock is currently owned by hedge funds and other institutional investors.
STNG stock traded up $0.08 during trading on Thursday, hitting $1.70. The stock had a trading volume of 6,637,166 shares, compared to its average volume of 6,138,561. The company has a current ratio of 0.79, a quick ratio of 0.77 and a debt-to-equity ratio of 1.59. Scorpio Tankers has a twelve month low of $1.48 and a twelve month high of $3.45. The stock has a market cap of $835.75 million, a price-to-earnings ratio of -3.62 and a beta of 0.96.
Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Wednesday, October 31st. The shipping company reported ($0.21) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.21). The firm had revenue of $119.28 million for the quarter, compared to analyst estimates of $117.59 million. Scorpio Tankers had a negative net margin of 37.80% and a negative return on equity of 11.07%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.15) EPS. As a group, equities analysts forecast that Scorpio Tankers will post -0.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Wednesday, December 5th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Tuesday, December 4th. Scorpio Tankers’s payout ratio is presently -8.51%.
A number of equities analysts have weighed in on STNG shares. BTIG Research started coverage on Scorpio Tankers in a research report on Thursday, September 27th. They set a “buy” rating and a $3.00 target price on the stock. Deutsche Bank set a $4.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research report on Wednesday, October 10th. Bank of America dropped their target price on Scorpio Tankers from $3.75 to $3.00 and set a “buy” rating on the stock in a research report on Wednesday, August 1st. Stifel Nicolaus set a $5.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research report on Tuesday, July 31st. Finally, Morgan Stanley dropped their target price on Scorpio Tankers from $3.00 to $2.70 and set an “overweight” rating on the stock in a research report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. Scorpio Tankers currently has a consensus rating of “Buy” and an average target price of $3.49.
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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