JPMorgan Chase & Co. reduced its holdings in Scorpio Tankers Inc. (NYSE:STNG – Free Report) by 25.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 294,660 shares of the shipping company’s stock after selling 99,255 shares during the period. JPMorgan Chase & Co.’s holdings in Scorpio Tankers were worth $21,009,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its holdings in Scorpio Tankers by 970.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Scorpio Tankers in the third quarter valued at approximately $28,000. Quarry LP increased its holdings in shares of Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $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 worth $57,000 after buying an additional 177 shares in the last quarter. Finally, AM Squared Ltd acquired a new position in Scorpio Tankers during the third quarter worth $64,000. 54.64% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
STNG has been the subject of a number of recent research reports. Jefferies Financial Group cut their target price on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI decreased their target price 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. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and dropped their price target for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, Bank of America reduced their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $75.40.
Scorpio Tankers Trading Down 1.0 %
Shares of STNG stock opened at $52.34 on Thursday. The company has a 50-day moving average of $51.56 and a two-hundred day moving average of $65.09. The firm has a market cap of $2.64 billion, a PE ratio of 3.75 and a beta of 0.12. Scorpio Tankers Inc. has a 1-year low of $45.94 and a 1-year high of $84.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18.
Scorpio Tankers (NYSE:STNG – Get Free Report) last posted its 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 net margin of 52.40% and a return on equity of 22.56%. The firm had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. During the same quarter last year, the firm earned $1.91 EPS. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, analysts predict that Scorpio Tankers Inc. will post 11.04 EPS for the current year.
Scorpio Tankers Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 22nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.06%. The ex-dividend date was Friday, November 22nd. Scorpio Tankers’s payout ratio is 11.47%.
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.
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