Pallas Capital Advisors LLC Buys New Shares in Scorpio Tankers Inc. $STNG

Pallas Capital Advisors LLC purchased a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,803 shares of the shipping company’s stock, valued at approximately $384,000.

Several other institutional investors have also added to or reduced their stakes in STNG. Signaturefd LLC lifted its stake in shares of Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock valued at $29,000 after purchasing an additional 372 shares during the period. Pinnacle Holdings LLC bought a new position in shares of Scorpio Tankers during the 1st quarter valued at $26,000. Vident Advisory LLC increased its position in shares of Scorpio Tankers by 5.8% during the 4th quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company’s stock valued at $743,000 after purchasing an additional 818 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Scorpio Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company’s stock worth $996,000 after acquiring an additional 1,144 shares during the period. Finally, Moors & Cabot Inc. increased its stake in shares of Scorpio Tankers by 12.6% in the 1st quarter. Moors & Cabot Inc. now owns 13,400 shares of the shipping company’s stock worth $504,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on STNG. Bank of America upgraded shares of Scorpio Tankers from a “neutral” rating to a “buy” rating and upped their target price for the stock from $49.00 to $60.00 in a research report on Monday, September 8th. Jefferies Financial Group raised their target price on shares of Scorpio Tankers from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 8th. Finally, Zacks Research raised shares of Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 12th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $59.00.

Scorpio Tankers Price Performance

STNG stock opened at $58.85 on Monday. The firm has a market cap of $3.00 billion, a P/E ratio of 8.02 and a beta of 0.04. The firm’s fifty day moving average is $49.20 and its 200 day moving average is $42.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95. Scorpio Tankers Inc. has a 52 week low of $30.63 and a 52 week high of $74.67.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.38. The business had revenue of $222.76 million during the quarter, compared to analysts’ expectations of $219.26 million. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. The business’s revenue for the quarter was down 39.5% compared to the same quarter last year. During the same period in the previous year, the company earned $3.60 earnings per share. Research analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date was Wednesday, August 13th. Scorpio Tankers’s dividend payout ratio (DPR) is 21.80%.

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.