Packer & Co Ltd Reduces Position in Scorpio Tankers Inc. (NYSE:STNG)

Packer & Co Ltd reduced its stake in Scorpio Tankers Inc. (NYSE:STNG) by 21.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 373,000 shares of the shipping company’s stock after selling 100,000 shares during the period. Scorpio Tankers makes up 9.0% of Packer & Co Ltd’s portfolio, making the stock its 3rd biggest position. Packer & Co Ltd’s holdings in Scorpio Tankers were worth $26,595,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of STNG. International Assets Investment Management LLC lifted its position in Scorpio Tankers by 8,249.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,880,188 shares of the shipping company’s stock valued at $134,057,000 after acquiring an additional 1,857,668 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Scorpio Tankers by 176.6% during the first quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock valued at $61,574,000 after purchasing an additional 549,395 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Scorpio Tankers by 1,357.2% during the second quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock valued at $23,034,000 after buying an additional 264,049 shares during the last quarter. American Century Companies Inc. increased its holdings in Scorpio Tankers by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company’s stock worth $96,391,000 after buying an additional 199,858 shares in the last quarter. Finally, Natixis purchased a new position in Scorpio Tankers in the 1st quarter worth about $13,594,000. 54.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on STNG shares. StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and decreased their target price for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Evercore ISI dropped their price target on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.40.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock traded down $0.78 on Friday, hitting $54.67. 1,063,770 shares of the company’s stock were exchanged, compared to its average volume of 1,029,175. Scorpio Tankers Inc. has a 1 year low of $52.68 and a 1 year high of $84.67. The company has a 50-day simple moving average of $66.65 and a 200-day simple moving average of $73.30. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The stock has a market capitalization of $2.76 billion, a PE ratio of 3.92 and a beta of 0.18.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.14. The company had revenue of $267.99 million for the quarter, compared to the consensus estimate of $267.91 million. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. Scorpio Tankers’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.91 earnings per share. As a group, equities analysts anticipate that Scorpio Tankers Inc. will post 11.13 EPS for the current year.

Scorpio Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.93%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

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.