Stocks: Scorpio Tankers Inc. (STNG) Posts Quarterly Earnings Results

Stocks: Scorpio Tankers Inc. (STNG) Posts Quarterly  Earnings Results

Scorpio Tankers Inc. (NASDAQ:STNG) released its quarterly earnings results on Monday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by $0.01. The company had revenue of $114.34 million for the quarter, compared to analysts’ expectations of $118.30 million. During the same period in the previous year, the business posted $0.46 EPS. The firm’s revenue was down 49.9% on a year-over-year basis.

Shares of Scorpio Tankers (NASDAQ:STNG) opened at 4.16 on Monday. The stock has a 50 day moving average of $4.36 and a 200 day moving average of $4.92. The stock has a market cap of $671.34 million and a PE ratio of 4.77. Scorpio Tankers has a 1-year low of $3.61 and a 1-year high of $9.16.

Several analysts recently issued reports on STNG shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $4.50 price objective (down previously from $6.00) on shares of Scorpio Tankers in a research note on Friday, August 26th. Deutsche Bank AG set a $9.00 price objective on shares of Scorpio Tankers and gave the company 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. Jefferies Group set a $7.00 price objective on shares of Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 27th. Finally, Clarkson Capital cut shares of Scorpio Tankers from a “buy” rating to a “neutral” rating in a research note on Monday, October 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $6.88.

Hedge funds and other institutional investors have recently modified their holdings of the company. Synovus Financial Corp raised its position in shares of Scorpio Tankers by 52.3% in the third quarter. Synovus Financial Corp now owns 21,675 shares of the company’s stock worth $100,000 after buying an additional 7,445 shares during the period. IBM Retirement Fund purchased a new position in shares of Scorpio Tankers during the second quarter worth about $108,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Scorpio Tankers during the second quarter worth about $113,000. FDx Advisors Inc. increased its stake in Scorpio Tankers by 49.9% in the second quarter. FDx Advisors Inc. now owns 30,344 shares of the company’s stock worth $127,000 after buying an additional 10,105 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in Scorpio Tankers during the second quarter worth approximately $135,000.

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