Empowered Funds LLC Takes Position in Scorpio Tankers Inc. (NYSE:STNG)

Empowered Funds LLC bought a new position in Scorpio Tankers Inc. (NYSE:STNG) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 113,129 shares of the shipping company’s stock, valued at approximately $5,621,000.

Other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in shares of Scorpio Tankers by 882.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock valued at $10,020,000 after acquiring an additional 181,135 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Scorpio Tankers during the 3rd quarter valued at about $8,459,000. Mountaineer Partners Management LLC increased its holdings in shares of 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 valued at $596,912,000 after purchasing an additional 8,252,691 shares during the period. Geode Capital Management LLC raised its stake in shares of Scorpio Tankers by 5.3% in the third quarter. Geode Capital Management LLC now owns 768,129 shares of the shipping company’s stock worth $54,768,000 after purchasing an additional 38,599 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Scorpio Tankers by 873.6% in the third quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock worth $13,418,000 after purchasing an additional 168,866 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on STNG shares. Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price target for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Evercore ISI cut their price objective on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Bank of America decreased their target price on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group cut their price target on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $72.75.

Scorpio Tankers Price Performance

Shares of NYSE STNG opened at $48.12 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. The firm’s 50 day simple moving average is $49.64 and its 200-day simple moving average is $60.28. Scorpio Tankers Inc. has a 12 month low of $45.43 and a 12 month high of $84.67. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 3.45 and a beta of 0.08.

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.