Seven Eight Capital LP Acquires 9,040 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Seven Eight Capital LP grew its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG) by 162.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,591 shares of the shipping company’s stock after acquiring an additional 9,040 shares during the period. Seven Eight Capital LP’s holdings in Scorpio Tankers were worth $1,186,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of STNG. Beck Bode LLC acquired a new stake in Scorpio Tankers in the second quarter valued at $2,162,000. Sagil Capital LLP grew its position in shares of Scorpio Tankers by 204.3% in the 2nd quarter. Sagil Capital LLP now owns 40,965 shares of the shipping company’s stock valued at $3,330,000 after buying an additional 80,243 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Scorpio Tankers by 51.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 4,898 shares of the shipping company’s stock valued at $398,000 after buying an additional 1,670 shares during the period. L & S Advisors Inc raised its position in shares of Scorpio Tankers by 17.2% during the second quarter. L & S Advisors Inc now owns 36,770 shares of the shipping company’s stock worth $2,989,000 after acquiring an additional 5,396 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Scorpio Tankers by 5.0% in the second quarter. Renaissance Technologies LLC now owns 1,313,815 shares of the shipping company’s stock worth $106,800,000 after acquiring an additional 62,600 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 $70.44 on Friday. The firm has a market capitalization of $3.75 billion, a P/E ratio of 6.53, a P/E/G ratio of 1.88 and a beta of 0.16. The firm’s 50-day moving average price is $72.37 and its 200-day moving average price is $74.46. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. Scorpio Tankers Inc. has a 1-year low of $47.88 and a 1-year high of $84.67.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.08. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The business had revenue of $380.70 million for the quarter, compared to analyst estimates of $368.62 million. During the same quarter in the prior year, the company earned $2.41 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts anticipate that Scorpio Tankers Inc. will post 12.71 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.27%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s payout ratio is currently 14.84%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Evercore ISI increased their target price on shares of Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $90.00 target price on shares of Scorpio Tankers in a research note on Tuesday, July 30th. Bank of America cut their price target on shares of Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Finally, Stifel Nicolaus boosted their price objective on Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $84.17.

Scorpio Tankers Company 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.