Allspring Global Investments Holdings LLC Decreases Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Allspring Global Investments Holdings LLC trimmed its position in Scorpio Tankers Inc. (NYSE:STNG) by 63.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,143 shares of the shipping company’s stock after selling 20,760 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Scorpio Tankers were worth $608,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STNG. Assenagon Asset Management S.A. lifted its holdings in Scorpio Tankers by 51.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 20,518 shares of the shipping company’s stock valued at $1,463,000 after purchasing an additional 7,010 shares in the last quarter. Measured Wealth Private Client Group LLC lifted its holdings in 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 in the last quarter. Ceredex Value Advisors LLC purchased a new position in Scorpio Tankers in the 3rd quarter valued at about $7,479,000. Harbor Capital Advisors Inc. purchased a new position in Scorpio Tankers in the 3rd quarter valued at about $28,000. Finally, Foster & Motley Inc. lifted its holdings 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 acquiring an additional 3,784 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Up 1.8 %

STNG opened at $41.99 on Tuesday. The firm has a 50 day moving average price of $48.68 and a 200 day moving average price of $58.15. The company has a market cap of $2.12 billion, a PE ratio of 3.22 and a beta of 0.08. Scorpio Tankers Inc. has a 1 year low of $40.73 and a 1 year high of $84.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. Sell-side analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.81%. The ex-dividend date is Friday, March 7th. Scorpio Tankers’s dividend payout ratio (DPR) is 12.27%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on STNG shares. Stifel Nicolaus cut their price objective on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating on the stock in a report on Friday, February 14th. Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price objective on shares of Scorpio Tankers in a report on Thursday, February 13th. Finally, Evercore ISI cut their price objective 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. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $68.75.

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.