Envestnet Asset Management Inc. Decreases Stock Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Envestnet Asset Management Inc. trimmed its stake in shares of Scorpio Tankers Inc. (NYSE:STNGGet Rating) by 1.7% in the 2nd quarter, Holdings Channel reports. The firm owned 31,291 shares of the shipping company’s stock after selling 556 shares during the period. Envestnet Asset Management Inc.’s holdings in Scorpio Tankers were worth $1,080,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Nisa Investment Advisors LLC purchased a new stake in Scorpio Tankers during the second quarter valued at approximately $28,000. AE Wealth Management LLC purchased a new stake in Scorpio Tankers during the second quarter valued at approximately $562,000. Aigen Investment Management LP purchased a new stake in Scorpio Tankers during the second quarter valued at approximately $690,000. US Bancorp DE increased its holdings in Scorpio Tankers by 38.7% during the second quarter. US Bancorp DE now owns 1,082 shares of the shipping company’s stock valued at $37,000 after buying an additional 302 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Scorpio Tankers during the second quarter valued at approximately $607,000. 50.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on STNG. Jefferies Financial Group upped their price target on shares of Scorpio Tankers from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 1st. StockNews.com upgraded shares of Scorpio Tankers from a “hold” rating to a “buy” rating in a research report on Tuesday, October 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Scorpio Tankers from $47.00 to $52.00 in a research report on Wednesday, November 2nd. Stifel Nicolaus upped their price target on shares of Scorpio Tankers from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, October 14th. Finally, BTIG Research upped their price target on shares of Scorpio Tankers from $50.00 to $60.00 in a research report on Tuesday, November 1st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.71.

Scorpio Tankers Price Performance

Shares of NYSE:STNG opened at $50.80 on Thursday. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 10.12, a P/E/G ratio of 0.11 and a beta of 0.50. The firm has a fifty day moving average price of $46.48 and a 200 day moving average price of $40.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.54 and a current ratio of 1.54. Scorpio Tankers Inc. has a fifty-two week low of $11.02 and a fifty-two week high of $54.24.

Scorpio Tankers (NYSE:STNGGet Rating) last released its quarterly earnings results on Tuesday, November 1st. The shipping company reported $4.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.48. The company had revenue of $456.28 million for the quarter, compared to the consensus estimate of $417.90 million. Scorpio Tankers had a net margin of 26.86% and a return on equity of 21.04%. As a group, sell-side analysts expect that Scorpio Tankers Inc. will post 11.1 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date is Wednesday, November 16th. Scorpio Tankers’s payout ratio is 7.97%.

About Scorpio Tankers

(Get Rating)

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 18, 2022, the company's fleet consisted of 124 owned, finance leased, or bareboat chartered-in tankers, including 42 LR2, 6 LR1, 62 MR, and 14 Handymax with a weighted average age of approximately 6.2 years.

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Institutional Ownership by Quarter for Scorpio Tankers (NYSE:STNG)

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