Canada Pension Plan Investment Board Boosts Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Canada Pension Plan Investment Board grew its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 105.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 168,600 shares of the shipping company’s stock after buying an additional 86,400 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Scorpio Tankers were worth $13,705,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bluefin Capital Management LLC purchased a new position in Scorpio Tankers in the fourth quarter valued at approximately $1,003,000. Janney Montgomery Scott LLC purchased a new position in shares of Scorpio Tankers in the first quarter valued at $596,000. BNP Paribas Financial Markets lifted its holdings in Scorpio Tankers by 37.0% in the 1st quarter. BNP Paribas Financial Markets now owns 88,827 shares of the shipping company’s stock worth $6,356,000 after buying an additional 23,975 shares in the last quarter. Twin Focus Capital Partners LLC acquired a new position in shares of Scorpio Tankers in the fourth quarter worth about $5,115,000. Finally, Acadian Asset Management LLC raised its position in shares of Scorpio Tankers by 101.4% in the 1st quarter. Acadian Asset Management LLC now owns 19,456 shares of the shipping company’s stock valued at $1,391,000 after purchasing an additional 9,798 shares in the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on STNG. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, July 30th. StockNews.com downgraded Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Bank of America lowered their target price on shares of Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Evercore ISI raised their target price on shares of Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their target price on Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Scorpio Tankers has a consensus rating of “Moderate Buy” and an average price target of $88.80.

Scorpio Tankers Trading Up 2.1 %

Shares of Scorpio Tankers stock opened at $69.72 on Tuesday. The business has a fifty day simple moving average of $72.06 and a 200-day simple moving average of $74.59. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 6.47, a price-to-earnings-growth ratio of 1.88 and a beta of 0.16. Scorpio Tankers Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $84.67. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, beating the consensus estimate of $3.52 by $0.08. The business had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. Scorpio Tankers’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.41 earnings per share. On average, equities analysts forecast that Scorpio Tankers Inc. will post 12.71 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.29%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s payout ratio is 14.84%.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of crude oi and refined petroleum products in the shipping markets worldwide. As of March 21, 2024, its fleet consisted of 110 owned and leases financed tanker, including 39 LR2, 57 MR, and 14 Handymax with a weighted average age of approximately 8.1 years.