Scorpio Tankers Inc. (NYSE:STNG) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 25.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 294,660 shares of the shipping company’s stock after selling 99,255 shares during the period. JPMorgan Chase & Co. owned approximately 0.58% of Scorpio Tankers worth $21,009,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its position in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after buying an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Scorpio Tankers in the third quarter worth $28,000. Quarry LP raised its holdings in shares of Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after purchasing an additional 229 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its position in Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 177 shares during the period. Finally, AM Squared Ltd purchased a new stake in Scorpio Tankers in the third quarter valued at $64,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Scorpio Tankers Stock Down 1.0 %

Scorpio Tankers stock opened at $52.34 on Thursday. Scorpio Tankers Inc. has a 12 month low of $45.94 and a 12 month high of $84.67. The stock has a market capitalization of $2.64 billion, a PE ratio of 3.75 and a beta of 0.12. 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 business has a 50 day simple moving average of $51.56 and a 200-day simple moving average of $65.09.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data 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 net margin of 52.40% and a return on equity of 22.56%. The company had revenue of $267.99 million during the quarter, compared to analysts’ expectations of $267.91 million. During the same period in the prior year, the business posted $1.91 earnings per share. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, analysts anticipate that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is presently 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.