Strategic Income Management LLC Has $7.45 Million Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Strategic Income Management LLC cut its stake in Scorpio Tankers Inc. (NYSE:STNG) by 68.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,209 shares of the shipping company’s stock after selling 290,000 shares during the period. Scorpio Tankers makes up approximately 7.8% of Strategic Income Management LLC’s holdings, making the stock its 8th biggest position. Strategic Income Management LLC owned 0.22% of Scorpio Tankers worth $7,445,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Compagnie Lombard Odier SCmA bought a new position in shares of Scorpio Tankers during the 1st quarter worth about $62,000. U S Global Investors Inc. bought a new position in shares of Scorpio Tankers during the 1st quarter worth about $69,000. Captrust Financial Advisors lifted its holdings in shares of Scorpio Tankers by 243.8% during the 2nd quarter. Captrust Financial Advisors now owns 2,255 shares of the shipping company’s stock worth $78,000 after acquiring an additional 1,599 shares during the period. Point72 Hong Kong Ltd lifted its holdings in shares of Scorpio Tankers by 834.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,279 shares of the shipping company’s stock worth $79,000 after acquiring an additional 2,035 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Scorpio Tankers by 26.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,340 shares of the shipping company’s stock worth $132,000 after acquiring an additional 493 shares during the period. 66.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on STNG shares. Deutsche Bank Aktiengesellschaft raised shares of Scorpio Tankers from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Thursday, June 29th. JPMorgan Chase & Co. dropped their target price on shares of Scorpio Tankers from $95.00 to $82.00 and set an “overweight” rating for the company in a research report on Friday, July 14th. Stifel Nicolaus dropped their target price on shares of Scorpio Tankers from $77.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, July 19th. StockNews.com assumed coverage on shares of Scorpio Tankers in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Bank of America cut shares of Scorpio Tankers from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $60.00 to $45.00 in a research report on Friday, July 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.43.

Scorpio Tankers Trading Up 5.6 %

STNG opened at $51.48 on Friday. The company has a current ratio of 1.21, a quick ratio of 1.19 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $2.81 billion, a PE ratio of 3.59, a PEG ratio of 0.16 and a beta of 0.42. Scorpio Tankers Inc. has a 1-year low of $38.05 and a 1-year high of $64.20. The firm has a 50-day moving average price of $47.66 and a two-hundred day moving average price of $50.54.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Wednesday, August 2nd. The shipping company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.03. The firm had revenue of $327.56 million during the quarter, compared to analysts’ expectations of $332.31 million. Scorpio Tankers had a net margin of 50.44% and a return on equity of 35.38%. As a group, equities analysts anticipate that Scorpio Tankers Inc. will post 9.19 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Monday, August 14th. Scorpio Tankers’s dividend payout ratio (DPR) is presently 6.97%.

Scorpio Tankers Company Profile

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.