Marex Group plc Purchases New Position in Scorpio Tankers Inc. $STNG

Marex Group plc acquired a new position in shares of Scorpio Tankers Inc. (NYSE:STNG) during the 2nd quarter, Holdings Channel reports. The fund acquired 23,033 shares of the shipping company’s stock, valued at approximately $901,000.

Several other large investors have also recently bought and sold shares of STNG. Encompass Capital Advisors LLC acquired a new stake in Scorpio Tankers in the second quarter worth $30,890,000. AQR Capital Management LLC increased its position in shares of Scorpio Tankers by 91.9% in the 2nd quarter. AQR Capital Management LLC now owns 642,673 shares of the shipping company’s stock valued at $25,148,000 after buying an additional 307,815 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Scorpio Tankers by 598.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company’s stock worth $13,974,000 after buying an additional 305,978 shares during the period. Donald Smith & CO. Inc. bought a new position in Scorpio Tankers during the second quarter worth about $10,845,000. Finally, Vanguard Group Inc. grew its stake in Scorpio Tankers by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company’s stock valued at $100,658,000 after acquiring an additional 167,218 shares during the period. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Trading Down 2.2%

NYSE STNG opened at $52.07 on Monday. Scorpio Tankers Inc. has a 52 week low of $30.63 and a 52 week high of $65.52. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.75 and a current ratio of 4.81. The stock’s 50 day moving average price is $58.48 and its two-hundred day moving average price is $51.33. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 8.81 and a beta of -0.30.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. Scorpio Tankers had a net margin of 32.01% and a return on equity of 7.42%. The company had revenue of $232.92 million during the quarter, compared to analysts’ expectations of $228.09 million. During the same period last year, the business earned $1.75 EPS. The business’s quarterly revenue was down 9.9% on a year-over-year basis. As a group, analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, November 14th. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.40. Scorpio Tankers’s dividend payout ratio (DPR) is presently 28.43%.

Analyst Ratings Changes

STNG has been the topic of a number of research analyst reports. Bank of America dropped their price target on Scorpio Tankers from $73.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, December 1st. Evercore ISI set a $80.00 target price on Scorpio Tankers and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Zacks Research lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Jefferies Financial Group reiterated a “buy” rating and issued a $70.00 price target on shares of Scorpio Tankers in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Scorpio Tankers in a report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.20.

Scorpio Tankers Company Profile

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.