Long Position on STNG @ $42.00 on 8/12/2022 (Momentum)

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

As of March 18, 2022, the company's fleet consisted of 124 owned, finance leased, or bareboat chartered-in tankers, including 42 LR2, 6 LR1, 62 MR, and 14 Handymax with a weighted average age of approximately 6.2 years. 

On July 28th, Scorpio Tankers (STNG) reported 2nd Quarter June 2022 earnings of $3.13 per share on revenue of $405.1 million. The consensus earnings estimate was $2.88 per share on revenue of $244.4 million. Revenue grew 190.5% on a year-over-year basis. Since then shares have formed a bullish "wedge " and are expected to move higher from this formation.  The company declared a quarterly dividend of 40 cents per share.

Entry Point: $42.00

Stop Loss: $39.00

Trading Range: $11.02 to $43.36

Trget Price: $46.25

Updates

9/14/2022 11:23:04 AM

STNG closed at $45.50

Position closed on 9/14/2022 at price of $45.50 with a 8.33% gain in 33 days.

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