New York State Common Retirement Fund Sells 92,336 Shares of Scorpio Tankers Inc. (NYSE:STNG)

New York State Common Retirement Fund reduced its position in shares of Scorpio Tankers Inc. (NYSE:STNG) by 86.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,501 shares of the shipping company’s stock after selling 92,336 shares during the period. New York State Common Retirement Fund’s holdings in Scorpio Tankers were worth $721,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in STNG. Mountaineer Partners Management LLC boosted its position in Scorpio Tankers by 6,926.8% in the third quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock worth $596,912,000 after purchasing an additional 8,252,691 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Scorpio Tankers by 882.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock worth $10,020,000 after purchasing an additional 181,135 shares during the period. Barclays PLC boosted its holdings in shares of Scorpio Tankers by 873.6% in the 3rd quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock worth $13,418,000 after buying an additional 168,866 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Scorpio Tankers during the third quarter valued at about $8,459,000. Finally, Empowered Funds LLC purchased a new stake in Scorpio Tankers during the fourth quarter worth about $5,621,000. 54.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

STNG has been the topic of several research reports. Stifel Nicolaus lowered their price objective on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating on the stock in a research report on Friday, February 14th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price target on shares of Scorpio Tankers in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $68.75.

Scorpio Tankers Stock Performance

Shares of STNG opened at $39.27 on Tuesday. Scorpio Tankers Inc. has a 52-week low of $38.55 and a 52-week high of $84.67. The stock’s 50-day simple moving average is $48.11 and its 200 day simple moving average is $57.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 3.01 and a beta of 0.08.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings data on Wednesday, February 12th. The shipping company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.08). Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. Research analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Friday, March 7th. Scorpio Tankers’s payout ratio is 12.27%.

About Scorpio Tankers

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.