Long Position on STNG @ $35.00 on 10/16/2019 (Momentum)

Scorpio Tankers Inc. (STNG) engages in the seaborne transportation of refined petroleum products worldwide.

As of October 1, 2019, its owned or finance leased 124 product tankers, including 42 LR2 tankers, 12 LR1 tankers, 56 MR tankers, and 14 Handymax tankers with an average age of 3.7 years; and bareboat chartered-in 10 product tankers comprising 3 MR tankers and 7 Handymax tankers.

On July 31st, Scorpio Tankers (STNG) reported a 2nd Quarter June 2019 loss of $0.62 per share on revenue of $150.8 million. The consensus estimate was a loss of $0.71 per share on revenue of $149.0 million.  Revenue grew 6.4% on a year-over-year basis. Since then, shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

Entry Point: $35.00

Stop Loss: $33.25

Trading Range: $14.75 to  $36.85

Target Price: $38.50

Updates

11/7/2019 11:00:01 AM

closed at $30.20

Position closed on 11/7/2019 at price of $30.20 with a -13.71% loss in 22 days.

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