Corigliano Investment Advisers LLC Trims Stock Holdings in Scorpio Tankers Inc. $STNG

Corigliano Investment Advisers LLC decreased its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 66.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,400 shares of the shipping company’s stock after selling 129,500 shares during the period. Scorpio Tankers accounts for about 1.2% of Corigliano Investment Advisers LLC’s holdings, making the stock its 24th biggest position. Corigliano Investment Advisers LLC owned 0.13% of Scorpio Tankers worth $3,375,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Global Retirement Partners LLC increased its stake in shares of Scorpio Tankers by 1,645.2% in the fourth quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock worth $27,000 after purchasing an additional 510 shares in the last quarter. Clearstead Advisors LLC increased its stake in shares of Scorpio Tankers by 67.9% in the third quarter. Clearstead Advisors LLC now owns 507 shares of the shipping company’s stock worth $28,000 after purchasing an additional 205 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Scorpio Tankers in the fourth quarter worth about $29,000. Smartleaf Asset Management LLC increased its stake in shares of Scorpio Tankers by 154.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock worth $33,000 after purchasing an additional 392 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Scorpio Tankers in the third quarter worth about $36,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on STNG shares. Jefferies Financial Group started coverage on shares of Scorpio Tankers in a research note on Friday, April 24th. They issued a “buy” rating and a $90.00 target price for the company. BTIG Research increased their target price on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Bank of America raised shares of Scorpio Tankers from an “underperform” rating to a “buy” rating and raised their price target for the company from $76.00 to $100.00 in a report on Thursday, May 7th. Wall Street Zen lowered shares of Scorpio Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Evercore reaffirmed an “outperform” rating and issued a $98.00 price target on shares of Scorpio Tankers in a report on Wednesday, May 27th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $93.50.

Scorpio Tankers Trading Down 0.5%

Scorpio Tankers stock opened at $78.14 on Thursday. The stock has a market cap of $3.94 billion, a P/E ratio of 7.68 and a beta of -0.26. Scorpio Tankers Inc. has a fifty-two week low of $38.83 and a fifty-two week high of $87.39. The firm’s fifty day moving average price is $78.51 and its 200-day moving average price is $68.80. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.87 and a current ratio of 13.98.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.23. The firm had revenue of $312.86 million for the quarter, compared to analysts’ expectations of $286.81 million. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The business’s quarterly revenue was up 46.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Equities research analysts forecast that Scorpio Tankers Inc. will post 11.44 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 29th. Scorpio Tankers’s payout ratio is currently 17.70%.

Scorpio Tankers Company Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.