State Street Corp Decreases Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

State Street Corp cut its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 805,958 shares of the shipping company’s stock after selling 9,194 shares during the quarter. State Street Corp owned 1.60% of Scorpio Tankers worth $57,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of Scorpio Tankers by 970.0% during the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Scorpio Tankers during the 3rd quarter valued at $28,000. Fifth Third Bancorp boosted its position in Scorpio Tankers by 319.0% during the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after buying an additional 319 shares during the period. Quarry LP increased its position in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after acquiring an additional 177 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Stock Performance

Shares of STNG stock opened at $48.17 on Thursday. The company’s fifty day moving average price is $56.50 and its 200-day moving average price is $68.32. The stock has a market cap of $2.43 billion, a PE ratio of 3.45 and a beta of 0.13. 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 $45.94 and a 12 month high of $84.67.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The business had revenue of $267.99 million for the quarter, compared to analysts’ expectations of $267.91 million. During the same quarter in the prior year, the company earned $1.91 earnings per share. The business’s revenue was down 8.0% compared to the same quarter last year. On average, equities analysts expect that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

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

Analysts Set New Price Targets

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

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.