DNB Asset Management AS lifted its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG – Free Report) by 167.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 254,839 shares of the shipping company’s stock after buying an additional 159,393 shares during the period. DNB Asset Management AS owned approximately 0.48% of Scorpio Tankers worth $15,494,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Headinvest LLC acquired a new stake in Scorpio Tankers in the third quarter worth approximately $51,000. Sunbelt Securities Inc. acquired a new stake in Scorpio Tankers in the third quarter worth approximately $54,000. American Century Companies Inc. lifted its position in Scorpio Tankers by 30.0% in the third quarter. American Century Companies Inc. now owns 400,833 shares of the shipping company’s stock worth $21,693,000 after purchasing an additional 92,561 shares during the period. Neo Ivy Capital Management bought a new position in shares of Scorpio Tankers in the third quarter valued at $27,000. Finally, Deutsche Bank AG increased its holdings in shares of Scorpio Tankers by 16.5% in the third quarter. Deutsche Bank AG now owns 23,092 shares of the shipping company’s stock valued at $1,250,000 after buying an additional 3,272 shares in the last quarter. 66.82% of the stock is currently owned by institutional investors and hedge funds.
Scorpio Tankers Price Performance
Shares of NYSE STNG traded down $0.54 during mid-day trading on Friday, hitting $71.36. 1,307,800 shares of the stock were exchanged, compared to its average volume of 1,374,093. The company has a market cap of $3.96 billion, a P/E ratio of 7.18 and a beta of 0.21. The stock’s fifty day simple moving average is $67.24 and its two-hundred day simple moving average is $59.66. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.12 and a current ratio of 1.13. Scorpio Tankers Inc. has a twelve month low of $40.34 and a twelve month high of $73.27.
Scorpio Tankers (NYSE:STNG – Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The shipping company reported $2.75 EPS for the quarter, beating the consensus estimate of $2.62 by $0.13. Scorpio Tankers had a net margin of 40.78% and a return on equity of 22.86%. The business had revenue of $336.30 million for the quarter, compared to analysts’ expectations of $335.70 million. During the same period in the prior year, the firm earned $4.24 earnings per share. Scorpio Tankers’s revenue was down 31.9% compared to the same quarter last year. As a group, analysts forecast that Scorpio Tankers Inc. will post 12.47 EPS for the current fiscal year.
Scorpio Tankers Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 27th. Stockholders of record on Friday, March 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Thursday, March 7th. Scorpio Tankers’s dividend payout ratio (DPR) is currently 16.10%.
Analyst Ratings Changes
Several research firms have issued reports on STNG. StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, February 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Wednesday, February 14th. JPMorgan Chase & Co. upped their price target on Scorpio Tankers from $85.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Finally, Evercore ISI boosted their target price on shares of Scorpio Tankers from $89.00 to $91.00 and gave the company an “outperform” rating in a research note on Thursday, February 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.
Read Our Latest Stock Analysis on STNG
Scorpio Tankers Profile
Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 23, 2023, its fleet consisted of 113 owned, finance leased, or bareboat chartered-in tankers, including 39 LR2, 60 MR, and 14 Handymax with a weighted average age of approximately 7.2 years.
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