Traders Buy High Volume of Put Options on Scorpio Tankers (NYSE:STNG)

Scorpio Tankers Inc. (NYSE:STNG) was the target of unusually large options trading on Tuesday. Stock investors purchased 1,880 put options on the company. This is an increase of 1,493% compared to the average daily volume of 118 put options.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. grew its holdings in shares of Scorpio Tankers by 496.1% in the 2nd quarter. Advisor Group Inc. now owns 912 shares of the shipping company’s stock worth $27,000 after acquiring an additional 759 shares during the period. US Bancorp DE acquired a new stake in shares of Scorpio Tankers in the 2nd quarter worth approximately $46,000. Amalgamated Bank grew its holdings in Scorpio Tankers by 36.4% during the 4th quarter. Amalgamated Bank now owns 54,036 shares of the shipping company’s stock valued at $95,000 after buying an additional 14,407 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in Scorpio Tankers during the 1st quarter valued at $96,000. Finally, Aperio Group LLC acquired a new stake in Scorpio Tankers during the 2nd quarter valued at $103,000. Institutional investors and hedge funds own 55.17% of the company’s stock.

Shares of STNG stock traded down $0.86 during trading hours on Wednesday, reaching $23.15. 1,408 shares of the company’s stock were exchanged, compared to its average volume of 782,040. The firm has a market cap of $1.23 billion, a P/E ratio of -5.11 and a beta of 1.07. The business’s 50 day simple moving average is $27.64. Scorpio Tankers has a 1 year low of $14.75 and a 1 year high of $30.87. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.13 and a current ratio of 1.15.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Wednesday, July 31st. The shipping company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.09. The business had revenue of $150.80 million for the quarter, compared to analysts’ expectations of $148.88 million. Scorpio Tankers had a negative return on equity of 5.50% and a negative net margin of 16.52%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.15) EPS. Sell-side analysts forecast that Scorpio Tankers will post -0.75 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 10th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Monday, September 9th. Scorpio Tankers’s dividend payout ratio is currently -8.77%.

A number of brokerages have recently issued reports on STNG. JPMorgan Chase & Co. raised Scorpio Tankers from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $29.00 to $34.00 in a research note on Thursday, May 16th. ValuEngine downgraded Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. BTIG Research set a $38.00 target price on Scorpio Tankers and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. Zacks Investment Research raised Scorpio Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group set a $40.00 target price on Scorpio Tankers and gave the stock a “buy” rating in a research note on Friday, June 28th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $34.71.

About Scorpio Tankers

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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