Principal Financial Group Inc. Acquires 992 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Principal Financial Group Inc. boosted its position in Scorpio Tankers Inc. (NYSE:STNG) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,416 shares of the shipping company’s stock after buying an additional 992 shares during the quarter. Principal Financial Group Inc. owned approximately 0.08% of Scorpio Tankers worth $2,953,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in Scorpio Tankers by 970.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after buying an additional 291 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of Scorpio Tankers during the 3rd quarter worth approximately $28,000. Quarry LP raised its position in shares of Scorpio Tankers by 52.8% during the 2nd 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 last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after buying an additional 177 shares during the period. Finally, AM Squared Ltd acquired a new position in shares of Scorpio Tankers in the 3rd quarter valued at $64,000. Institutional investors and hedge funds own 54.64% of the company’s stock.

Analyst Ratings Changes

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

Scorpio Tankers Price Performance

Shares of NYSE:STNG opened at $48.86 on Friday. The firm’s fifty day moving average is $51.94 and its 200-day moving average is $65.73. Scorpio Tankers Inc. has a 52 week low of $45.94 and a 52 week high of $84.67. The firm has a market cap of $2.47 billion, a PE ratio of 3.50 and a beta of 0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG) last issued its earnings results 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 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 the consensus estimate of $267.91 million. During the same period in the previous year, the company posted $1.91 earnings per share. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts predict that Scorpio Tankers Inc. will post 11.04 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 3.27%. Scorpio Tankers’s payout ratio is 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.