Scorpio Tankers (STNG) shares were slightly higher in recent Thursday trading after the company's Q1 results topped analysts' expectations despite a year-over-year decline.

The company earlier reported Q1 adjusted earnings of $1.03 per diluted share, down from $3.97 a year earlier.

Analysts polled by FactSet expected $0.75.

Time charter equivalent revenue for the quarter ended March 31 was $204.2 million, down from $389.8 million a year earlier.

Analysts surveyed by FactSet expected $199.6 million.

The company said its board on Wednesday maintained a quarterly dividend of $0.40 per share, payable June 16 to shareholders of record on May 30.

Price: 37.88, Change: +0.19, Percent Change: +0.50