Raymond James & Associates Reduces Stake in Scorpio Tankers Inc. (NYSE:STNG)

Raymond James & Associates lowered its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 54,432 shares of the shipping company’s stock after selling 688 shares during the quarter. Raymond James & Associates owned approximately 0.10% of Scorpio Tankers worth $3,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of 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 purchasing an additional 291 shares during the period. Fifth Third Bancorp lifted its stake in shares of Scorpio Tankers by 319.0% in the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 319 shares during the period. Quarry LP lifted its stake in shares of Scorpio Tankers by 52.8% in the 2nd 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 period. Newbridge Financial Services Group Inc. lifted its stake in shares of Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 177 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Scorpio Tankers in the 1st quarter valued at approximately $58,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Bank of America lowered their price objective on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, October 29th. Stifel Nicolaus cut Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price objective for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. 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, Scorpio Tankers presently has an average rating of “Hold” and an average price target of $78.40.

Scorpio Tankers Stock Up 0.2 %

Scorpio Tankers stock opened at $58.39 on Monday. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 4.19 and a beta of 0.18. The stock has a fifty day simple moving average of $68.11 and a two-hundred day simple moving average of $73.79. Scorpio Tankers Inc. has a 12 month low of $52.68 and a 12 month high of $84.67. The company has a current ratio of 2.21, a quick ratio of 2.63 and a debt-to-equity ratio of 0.27.

Scorpio Tankers (NYSE:STNG) last posted its earnings results on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The business had revenue of $267.99 million during the quarter, compared to analyst estimates of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.91 EPS. Equities analysts predict that Scorpio Tankers Inc. will post 11.13 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s payout ratio is 11.47%.

Scorpio Tankers 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.