Seven Eight Capital LP Has $1.19 Million Stake in Scorpio Tankers Inc. (NYSE:STNG)

Seven Eight Capital LP lifted its position in shares of Scorpio Tankers Inc. (NYSE:STNG) by 162.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,591 shares of the shipping company’s stock after purchasing an additional 9,040 shares during the period. Seven Eight Capital LP’s holdings in Scorpio Tankers were worth $1,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Scorpio Tankers by 24.9% during the 4th quarter. Principal Financial Group Inc. now owns 42,142 shares of the shipping company’s stock worth $2,562,000 after buying an additional 8,409 shares during the period. Norges Bank acquired a new stake in Scorpio Tankers in the 4th quarter worth about $34,009,000. Franklin Resources Inc. raised its stake in Scorpio Tankers by 2.3% in the 4th quarter. Franklin Resources Inc. now owns 20,668 shares of the shipping company’s stock worth $1,257,000 after purchasing an additional 464 shares in the last quarter. US Bancorp DE boosted its holdings in Scorpio Tankers by 11.9% in the 4th quarter. US Bancorp DE now owns 14,850 shares of the shipping company’s stock valued at $903,000 after purchasing an additional 1,580 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in shares of Scorpio Tankers by 74.6% during the fourth quarter. Hsbc Holdings PLC now owns 19,098 shares of the shipping company’s stock worth $1,157,000 after purchasing an additional 8,157 shares during the period. 54.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on STNG shares. Evercore ISI increased their price target on Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com lowered Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Stifel Nicolaus boosted their price target on Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, July 30th. Finally, Bank of America dropped their target price on shares of Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $84.17.

Scorpio Tankers Stock Up 1.4 %

STNG stock opened at $70.44 on Friday. The firm has a 50-day moving average price of $72.37 and a 200-day moving average price of $74.46. Scorpio Tankers Inc. has a 12 month low of $47.88 and a 12 month high of $84.67. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $3.75 billion, a P/E ratio of 6.53, a price-to-earnings-growth ratio of 1.88 and a beta of 0.16.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings data on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, beating the consensus estimate of $3.52 by $0.08. The business had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.41 EPS. As a group, equities research analysts anticipate that Scorpio Tankers Inc. will post 12.71 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were issued a $0.40 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.60 dividend on an annualized basis and a yield of 2.27%. Scorpio Tankers’s payout ratio is presently 14.84%.

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.