Bleakley Financial Group LLC Lowers Stock Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Bleakley Financial Group LLC lessened its stake in Scorpio Tankers Inc. (NYSE:STNG) by 10.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,243 shares of the shipping company’s stock after selling 998 shares during the period. Bleakley Financial Group LLC’s holdings in Scorpio Tankers were worth $588,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in shares of Scorpio Tankers by 1.4% in the second quarter. Truist Financial Corp now owns 10,933 shares of the shipping company’s stock valued at $889,000 after purchasing an additional 149 shares during the period. Newbridge Financial Services Group Inc. grew its position in Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after buying an additional 177 shares during the last quarter. Quarry LP grew its position in Scorpio Tankers by 52.8% in the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after buying an additional 229 shares during the last quarter. AlphaMark Advisors LLC increased its stake in Scorpio Tankers by 5.9% in the 1st quarter. AlphaMark Advisors LLC now owns 5,008 shares of the shipping company’s stock valued at $358,000 after buying an additional 281 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after buying an additional 291 shares during the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Evercore ISI boosted their target price on Scorpio Tankers from $99.00 to $100.00 and gave the stock 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 decreased their price target on Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.80.

Scorpio Tankers Stock Performance

STNG opened at $66.57 on Tuesday. Scorpio Tankers Inc. has a 1-year low of $52.68 and a 1-year high of $84.67. The stock has a market cap of $3.54 billion, a P/E ratio of 5.23, a P/E/G ratio of 1.87 and a beta of 0.15. The stock’s 50 day simple moving average is $70.22 and its 200 day simple moving average is $74.44. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 2.63.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.08. The company had revenue of $380.70 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $2.41 earnings per share. As a group, equities analysts anticipate that Scorpio Tankers Inc. will post 12.43 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s payout ratio is currently 12.58%.

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.