Waldron Private Wealth LLC Takes Position in Scorpio Tankers Inc. (NYSE:STNG)

Waldron Private Wealth LLC acquired a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 6,294 shares of the shipping company’s stock, valued at approximately $382,000.

A number of other large investors have also recently made changes to their positions in STNG. FMR LLC raised its stake in Scorpio Tankers by 94.4% during the 3rd quarter. FMR LLC now owns 2,334,754 shares of the shipping company’s stock valued at $126,357,000 after purchasing an additional 1,133,900 shares during the period. International Assets Investment Management LLC raised its stake in Scorpio Tankers by 4,706.2% during the 4th quarter. International Assets Investment Management LLC now owns 970,799 shares of the shipping company’s stock valued at $59,025,000 after purchasing an additional 950,600 shares during the period. Millennium Management LLC raised its stake in Scorpio Tankers by 810.7% during the 2nd quarter. Millennium Management LLC now owns 553,021 shares of the shipping company’s stock valued at $19,085,000 after purchasing an additional 492,296 shares during the period. Packer & Co Ltd bought a new stake in Scorpio Tankers during the 3rd quarter valued at approximately $25,599,000. Finally, Norges Bank bought a new stake in Scorpio Tankers during the 4th quarter valued at approximately $23,348,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STNG has been the topic of a number of research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a research note on Wednesday, February 14th. JPMorgan Chase & Co. lifted their price objective on Scorpio Tankers from $85.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Evercore ISI boosted their target price on Scorpio Tankers from $89.00 to $91.00 and gave the company an “outperform” rating in a research report on Thursday, February 15th. Finally, StockNews.com downgraded Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $74.00.

Scorpio Tankers Price Performance

STNG opened at $70.59 on Tuesday. The business has a fifty day moving average of $69.41 and a 200 day moving average of $62.72. Scorpio Tankers Inc. has a 52-week low of $40.34 and a 52-week high of $74.04. The company has a quick ratio of 1.12, a current ratio of 1.13 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.75 billion, a P/E ratio of 7.10 and a beta of 0.21.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Wednesday, February 14th. The shipping company reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.13. Scorpio Tankers had a return on equity of 22.86% and a net margin of 40.78%. The company had revenue of $336.30 million during the quarter, compared to analysts’ expectations of $335.70 million. During the same quarter in the previous year, the business earned $4.24 EPS. Scorpio Tankers’s revenue was down 31.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Scorpio Tankers Inc. will post 12.3 EPS for the current year.

Scorpio Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 8th were issued a dividend of $0.40 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.27%. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.35. Scorpio Tankers’s payout ratio is presently 16.10%.

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.