Scorpio Tankers Posts $2.49 Adjusted EPS for Third Quarter
STNG sits 78% above its 52-week low of $48.93.
Summary
Scorpio Tankers reported third-quarter EPS of $4.60, with net income of $224.3 million on revenue of $266.5 million, and declared a Q3 dividend of USD 0.75. The print lands with the stock near its 52-week high of $90.06, so expectations were already elevated after a strong run. It follows a Q2 in which net income hit $387.5 million, up 427% year-over-year, and a September update showing LR2 rates improving alongside three new three-year time charters. The company has also been reshaping the fleet, agreeing to sell three product tankers for $180.5 million and order four newbuilds for $415.6 million. Watch the full 6-K for TCE rates to gauge whether the rate strength is carrying into Q4.
At the time of this announcement, STNG was trading at $87.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $48.93 to $90.06. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.