AM Squared Ltd Buys New Stake in Scorpio Tankers Inc. (NYSE:STNG)

AM Squared Ltd bought a new stake in Scorpio Tankers Inc. (NYSE:STNG) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 900 shares of the shipping company’s stock, valued at approximately $64,000.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position 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 buying an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Scorpio Tankers during the 3rd quarter worth $28,000. Fifth Third Bancorp boosted its stake in Scorpio Tankers by 319.0% during the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after purchasing an additional 319 shares during the period. Quarry LP boosted its stake in Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its stake in Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after purchasing an additional 177 shares during the period. 54.64% of the stock is owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Down 2.3 %

STNG stock opened at $53.73 on Friday. The company has a market cap of $2.71 billion, a P/E ratio of 3.85 and a beta of 0.18. Scorpio Tankers Inc. has a 52 week low of $52.68 and a 52 week high of $84.67. The company’s 50-day moving average price is $65.18 and its 200 day moving average price is $72.69. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.14. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The company had revenue of $267.99 million for the quarter, compared to the consensus estimate of $267.91 million. During the same quarter in the prior year, the firm earned $1.91 earnings per share. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, research analysts expect that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Friday, November 22nd. Scorpio Tankers’s dividend payout ratio is presently 11.47%.

Analysts Set New Price Targets

STNG has been the subject of a number of recent research reports. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Jefferies Financial Group reduced their target price on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday. Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their target price for the company from $90.00 to $65.00 in a report on Wednesday, October 23rd. Finally, Evercore ISI lowered their target price on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Scorpio Tankers has an average rating of “Hold” and a consensus target price of $76.40.

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.