Principal Financial Group Inc. Has $2.95 Million Holdings in Scorpio Tankers Inc. (NYSE:STNG)

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

A number of other large investors also recently modified their holdings of the business. Olympiad Research LP acquired a new position in shares of Scorpio Tankers during the 3rd quarter worth about $791,000. Foster & Motley Inc. boosted its stake in shares of Scorpio Tankers by 71.5% during the 3rd quarter. Foster & Motley Inc. now owns 9,078 shares of the shipping company’s stock worth $647,000 after buying an additional 3,784 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Scorpio Tankers during the 3rd quarter worth about $28,000. Ceredex Value Advisors LLC acquired a new position in shares of Scorpio Tankers during the 3rd quarter worth about $7,479,000. Finally, Measured Wealth Private Client Group LLC raised its holdings in shares of Scorpio Tankers by 4.0% in the 3rd quarter. Measured Wealth Private Client Group LLC now owns 12,541 shares of the shipping company’s stock valued at $894,000 after purchasing an additional 484 shares during the period. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Bank of America dropped their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Evercore ISI dropped their target price on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Jefferies Financial Group lowered their price target on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Finally, Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price target for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $76.40.

Scorpio Tankers Stock Performance

NYSE STNG opened at $52.74 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. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 3.78 and a beta of 0.18. The firm’s 50 day simple moving average is $64.15 and its 200 day simple moving average is $72.22. Scorpio Tankers Inc. has a 1 year low of $52.07 and a 1 year high of $84.67.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.14. The business had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter last year, the business posted $1.91 EPS. As a group, research analysts expect that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be given a $0.40 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. Scorpio Tankers’s dividend payout ratio is currently 11.47%.

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.