Harbor Capital Advisors Inc. Purchases New Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Harbor Capital Advisors Inc. purchased a new stake in Scorpio Tankers Inc. (NYSE:STNG) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 398 shares of the shipping company’s stock, valued at approximately $28,000.

Several other institutional investors have also recently added to or reduced their stakes in STNG. Norden Group LLC acquired a new position in Scorpio Tankers in the 1st quarter valued at about $279,000. Janney Montgomery Scott LLC acquired a new position in Scorpio Tankers in the 1st quarter valued at about $596,000. Quantbot Technologies LP acquired a new position in Scorpio Tankers in the 1st quarter valued at about $2,273,000. SG Americas Securities LLC increased its position in Scorpio Tankers by 91.4% in the 1st quarter. SG Americas Securities LLC now owns 6,334 shares of the shipping company’s stock valued at $453,000 after acquiring an additional 3,025 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Scorpio Tankers by 6.9% in the 1st quarter. Russell Investments Group Ltd. now owns 152,794 shares of the shipping company’s stock valued at $10,932,000 after acquiring an additional 9,913 shares during the period. Institutional investors and hedge funds own 54.64% of the company’s stock.

Scorpio Tankers Price Performance

Shares of NYSE:STNG opened at $54.67 on Friday. The business’s 50 day simple moving average is $66.65 and its 200-day simple moving average is $73.28. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 3.92 and a beta of 0.18. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. Scorpio Tankers Inc. has a 12 month low of $52.68 and a 12 month high of $84.67.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.61 by $0.14. The business had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.91 EPS. As a group, equities analysts forecast that Scorpio Tankers Inc. will post 11.13 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s payout ratio is currently 11.47%.

Analysts Set New Price Targets

Several equities analysts have issued reports on STNG shares. Stifel Nicolaus cut Scorpio Tankers from a “buy” rating to a “hold” rating and dropped their target price for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 target price on shares of Scorpio Tankers in a research report on Tuesday, October 29th. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Bank of America dropped their target price on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $78.40.

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.