Victory Capital Management Inc. Lowers Stock Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Victory Capital Management Inc. cut its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 85.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,479 shares of the shipping company’s stock after selling 318,430 shares during the quarter. Victory Capital Management Inc. owned approximately 0.10% of Scorpio Tankers worth $3,742,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Aigen Investment Management LP lifted its position in shares of Scorpio Tankers by 19.7% in the 3rd quarter. Aigen Investment Management LP now owns 10,877 shares of the shipping company’s stock worth $776,000 after purchasing an additional 1,793 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in Scorpio Tankers in the third quarter worth approximately $378,000. Versor Investments LP lifted its holdings in Scorpio Tankers by 359.0% during the third quarter. Versor Investments LP now owns 16,803 shares of the shipping company’s stock worth $1,198,000 after buying an additional 13,142 shares during the period. Fiera Capital Corp boosted its position in Scorpio Tankers by 1.6% during the 3rd quarter. Fiera Capital Corp now owns 351,456 shares of the shipping company’s stock valued at $25,059,000 after acquiring an additional 5,531 shares in the last quarter. Finally, Summit Global Investments boosted its position in Scorpio Tankers by 11.9% during the 3rd quarter. Summit Global Investments now owns 17,017 shares of the shipping company’s stock valued at $1,213,000 after acquiring an additional 1,814 shares in the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on STNG shares. Bank of America decreased their price objective on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price objective for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Evercore ISI decreased their target price 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. Finally, Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Scorpio Tankers has a consensus rating of “Hold” and a consensus target price of $76.40.

Scorpio Tankers Price Performance

Shares of STNG opened at $52.74 on Friday. The firm has a market capitalization of $2.66 billion, a PE ratio of 3.78 and a beta of 0.18. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. The company’s fifty day moving average price is $63.84 and its 200-day moving average price is $72.08. 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 for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $267.91 million. During the same quarter in the previous year, the business earned $1.91 EPS. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, equities research analysts predict that Scorpio Tankers Inc. will post 11.04 EPS for the current year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be paid a $0.40 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. 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.