Seaport Global Securities Comments on Scorpio Tankers Inc.’s Q3 2018 Earnings (STNG)

Scorpio Tankers Inc. (NYSE:STNG) – Seaport Global Securities lowered their Q3 2018 earnings estimates for Scorpio Tankers in a note issued to investors on Monday, October 15th. Seaport Global Securities analyst M. Fyhr now forecasts that the shipping company will post earnings per share of ($0.25) for the quarter, down from their prior estimate of ($0.21). Seaport Global Securities also issued estimates for Scorpio Tankers’ Q4 2018 earnings at ($0.04) EPS, FY2018 earnings at ($0.48) EPS, Q1 2019 earnings at ($0.05) EPS, Q3 2019 earnings at ($0.02) EPS, Q4 2019 earnings at ($0.02) EPS and FY2019 earnings at ($0.10) EPS.

Several other analysts have also recently weighed in on STNG. Zacks Investment Research raised shares of Scorpio Tankers from a “sell” rating to a “hold” rating in a report on Wednesday, June 27th. ValuEngine cut shares of Scorpio Tankers from a “hold” rating to a “sell” rating in a report on Monday, July 16th. Stifel Nicolaus set a $5.00 target price on shares of Scorpio Tankers and gave the company a “buy” rating in a report on Tuesday, July 31st. Morgan Stanley reduced their target price on shares of Scorpio Tankers from $3.00 to $2.70 and set an “overweight” rating on the stock in a report on Wednesday, August 1st. Finally, Bank of America reduced their target price on shares of Scorpio Tankers from $3.75 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $4.03.

Shares of NYSE:STNG opened at $1.74 on Thursday. The company has a market capitalization of $604.05 million, a P/E ratio of -3.70 and a beta of 1.06. Scorpio Tankers has a fifty-two week low of $1.72 and a fifty-two week high of $3.71. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.71 and a current ratio of 0.73.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Tuesday, July 31st. The shipping company reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.01). The firm had revenue of $141.80 million during 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 firm’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the business earned ($0.09) EPS.

A number of hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in Scorpio Tankers by 11.9% during the first quarter. The Manufacturers Life Insurance Company now owns 196,351 shares of the shipping company’s stock worth $385,000 after purchasing an additional 20,833 shares in the last quarter. Voya Investment Management LLC raised its holdings in Scorpio Tankers by 27.0% during the second quarter. Voya Investment Management LLC now owns 111,860 shares of the shipping company’s stock worth $314,000 after purchasing an additional 23,747 shares in the last quarter. California State Teachers Retirement System raised its holdings in Scorpio Tankers by 8.8% during the first quarter. California State Teachers Retirement System now owns 410,437 shares of the shipping company’s stock worth $804,000 after purchasing an additional 33,232 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in Scorpio Tankers during the second quarter worth approximately $109,000. Finally, New York State Common Retirement Fund raised its holdings in Scorpio Tankers by 24.4% during the first quarter. New York State Common Retirement Fund now owns 291,800 shares of the shipping company’s stock worth $572,000 after purchasing an additional 57,300 shares in the last quarter. 61.28% of the stock is currently owned by institutional investors.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Thursday, September 20th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, September 19th. This represents a $0.04 dividend on an annualized basis and a yield of 2.30%. Scorpio Tankers’s payout ratio is currently -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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Earnings History and Estimates for Scorpio Tankers (NYSE:STNG)

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