Principal Financial Group Inc. Purchases 3,961 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Principal Financial Group Inc. raised its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,377 shares of the shipping company’s stock after purchasing an additional 3,961 shares during the period. Principal Financial Group Inc. owned 0.09% of Scorpio Tankers worth $2,255,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its stake in Scorpio Tankers by 882.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock valued at $10,020,000 after buying an additional 181,135 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Scorpio Tankers during the 3rd quarter worth approximately $8,459,000. Mountaineer Partners Management LLC lifted its stake in shares of Scorpio Tankers by 6,926.8% in the third quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock worth $596,912,000 after acquiring an additional 8,252,691 shares during the period. Geode Capital Management LLC grew its stake in Scorpio Tankers by 5.3% during the third quarter. Geode Capital Management LLC now owns 768,129 shares of the shipping company’s stock worth $54,768,000 after purchasing an additional 38,599 shares during the period. Finally, Barclays PLC raised its stake in Scorpio Tankers by 873.6% during the 3rd quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock worth $13,418,000 after buying an additional 168,866 shares during the period. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Stock Down 0.3 %

Shares of Scorpio Tankers stock opened at $39.25 on Thursday. Scorpio Tankers Inc. has a 1 year low of $38.03 and a 1 year high of $84.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The company has a 50-day moving average of $47.70 and a 200 day moving average of $56.71. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 3.01 and a beta of 0.01.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.08). Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. As a group, sell-side analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, March 7th. This represents a $1.60 dividend on an annualized basis and a yield of 4.08%. Scorpio Tankers’s dividend payout ratio is presently 12.27%.

Wall Street Analysts Forecast Growth

Several research firms have commented on STNG. Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 price objective on shares of Scorpio Tankers in a research note on Thursday, February 13th. Stifel Nicolaus cut their price target on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a research report on Friday, February 14th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $68.75.

About Scorpio Tankers

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.