Charles Schwab Investment Management Inc. Decreases Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Charles Schwab Investment Management Inc. cut its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 11.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 230,799 shares of the shipping company’s stock after selling 29,822 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.46% of Scorpio Tankers worth $16,456,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Navellier & Associates Inc. raised its stake in shares of Scorpio Tankers by 5.1% in the third quarter. Navellier & Associates Inc. now owns 10,474 shares of the shipping company’s stock worth $747,000 after purchasing an additional 508 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Scorpio Tankers by 7.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 35,936 shares of the shipping company’s stock worth $2,562,000 after purchasing an additional 2,467 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Scorpio Tankers in the third quarter worth about $1,339,000. Advisors Asset Management Inc. raised its stake in shares of Scorpio Tankers by 212.2% in the third quarter. Advisors Asset Management Inc. now owns 2,023 shares of the shipping company’s stock worth $144,000 after purchasing an additional 1,375 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in shares of Scorpio Tankers by 2.1% in the third quarter. Segall Bryant & Hamill LLC now owns 12,103 shares of the shipping company’s stock worth $863,000 after purchasing an additional 252 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Down 1.5 %

Shares of STNG opened at $48.80 on Friday. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. Scorpio Tankers Inc. has a 12 month low of $48.13 and a 12 month high of $84.67. The stock’s 50 day moving average is $59.97 and its two-hundred day moving average is $70.05. The firm has a market cap of $2.47 billion, a P/E ratio of 3.50 and a beta of 0.13.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The firm 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 business’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.91 earnings per share. Analysts predict that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is presently 11.47%.

Analysts Set New Price Targets

STNG has been the subject of several research analyst reports. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Evercore ISI dropped their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. 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 report on Tuesday, October 22nd. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Finally, Jefferies Financial Group dropped their target price on Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Four research 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 price target of $76.40.

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.