Scorpio Tankers (STNG) stock has fallen from its highs, as you can see below, but has been remarkably steady considering the broader sell-off in markets. The tanker company recently beat earnings expectations for the fourth successive quarter and has committed to further debt reduction, contributing to one of the strongest financial positions in the market. It’s also likely to benefit from long-term supportive trends in the sector. I think it’s undervalued, making me bullish on the stock.
Scorpio’s Narrow Earnings Beat
Scorpio Tankers is a Monaco-headquartered company with 106 vessels providing services for the transportation of refined petroleum products. Its fleet is, on average, 8.4 years old and 87% scrubber-fitted — scrubbers are used to remove harmful elements from exhaust gases. It recently reported a narrow earnings beat in the second quarter of 2024.
The company reported net income of $227.3 million and non-GAAP…
