Principal Financial Group Inc. Buys 11,431 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Principal Financial Group Inc. raised its stake in Scorpio Tankers Inc. (NYSE:STNGFree Report) by 51.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 33,733 shares of the shipping company’s stock after purchasing an additional 11,431 shares during the quarter. Principal Financial Group Inc.’s holdings in Scorpio Tankers were worth $1,826,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Daiwa Securities Group Inc. increased its holdings in shares of Scorpio Tankers by 45.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 13,167 shares of the shipping company’s stock worth $713,000 after buying an additional 4,130 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Scorpio Tankers by 31.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,094 shares of the shipping company’s stock valued at $222,000 after purchasing an additional 988 shares in the last quarter. Packer & Co Ltd purchased a new stake in shares of Scorpio Tankers in the 3rd quarter valued at $25,599,000. Raymond James & Associates boosted its stake in shares of Scorpio Tankers by 5.6% in the 3rd quarter. Raymond James & Associates now owns 6,203 shares of the shipping company’s stock valued at $336,000 after purchasing an additional 331 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Scorpio Tankers by 78.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 9,251 shares of the shipping company’s stock valued at $501,000 after purchasing an additional 4,062 shares in the last quarter. Institutional investors own 66.82% of the company’s stock.

Scorpio Tankers Trading Down 0.3 %

Shares of STNG opened at $65.84 on Friday. The stock has a market capitalization of $3.65 billion, a P/E ratio of 5.50 and a beta of 0.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $62.97 and a two-hundred day simple moving average of $56.37. Scorpio Tankers Inc. has a twelve month low of $40.34 and a twelve month high of $72.89.

Scorpio Tankers (NYSE:STNGGet Free Report) last announced its quarterly earnings results on Thursday, November 9th. The shipping company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.31. The business had revenue of $291.20 million during the quarter, compared to analysts’ expectations of $277.96 million. Scorpio Tankers had a net margin of 46.07% and a return on equity of 27.56%. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.29 EPS. On average, research analysts anticipate that Scorpio Tankers Inc. will post 10.45 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on STNG. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. JPMorgan Chase & Co. upped their price objective on shares of Scorpio Tankers from $85.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.83.

View Our Latest Stock Report on Scorpio Tankers

Scorpio Tankers Company Profile

(Free Report)

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 23, 2023, its fleet consisted of 113 owned, finance leased, or bareboat chartered-in tankers, including 39 LR2, 60 MR, and 14 Handymax with a weighted average age of approximately 7.2 years.

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

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