HighTower Advisors LLC Raises Holdings in Scorpio Tankers Inc. (NYSE:STNG)

HighTower Advisors LLC raised its position in Scorpio Tankers Inc. (NYSE:STNG) by 38.1% during the third quarter, HoldingsChannel reports. The firm owned 12,041 shares of the shipping company’s stock after purchasing an additional 3,322 shares during the period. HighTower Advisors LLC’s holdings in Scorpio Tankers were worth $857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STNG. International Assets Investment Management LLC grew its position in shares of Scorpio Tankers by 8,249.0% in the third quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock valued at $134,057,000 after purchasing an additional 1,857,668 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Scorpio Tankers by 1,357.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock valued at $23,034,000 after buying an additional 264,049 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Scorpio Tankers by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock worth $96,391,000 after acquiring an additional 199,858 shares during the last quarter. LSV Asset Management raised its holdings in shares of Scorpio Tankers by 8.5% during the 2nd quarter. LSV Asset Management now owns 1,995,599 shares of the shipping company’s stock worth $162,222,000 after acquiring an additional 156,414 shares during the period. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Scorpio Tankers during the 3rd quarter valued at about $7,479,000. Institutional investors and hedge funds own 54.64% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on STNG shares. Jefferies Financial Group cut their price objective on shares of Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Bank of America cut their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Evercore ISI decreased their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus lowered Scorpio Tankers from a “buy” rating to a “hold” rating and decreased their price target for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $75.40.

Scorpio Tankers Stock Performance

NYSE:STNG opened at $48.17 on Thursday. Scorpio Tankers Inc. has a fifty-two week low of $45.94 and a fifty-two week high of $84.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The company has a 50 day moving average price of $56.50 and a 200 day moving average price of $68.32. The stock has a market capitalization of $2.43 billion, a P/E ratio of 3.45 and a beta of 0.13.

Scorpio Tankers (NYSE:STNG) last released 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. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The business had revenue of $267.99 million during the quarter, compared to analyst estimates of $267.91 million. During the same period last year, the business posted $1.91 earnings per share. The company’s quarterly revenue was down 8.0% on a year-over-year basis. Equities research analysts forecast that Scorpio Tankers Inc. will post 11.04 EPS for the current year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 22nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.32%. The ex-dividend date was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is currently 11.47%.

Scorpio Tankers Profile

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.