Mountaineer Partners Management LLC Buys 8,252,691 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Mountaineer Partners Management LLC raised its stake in Scorpio Tankers Inc. (NYSE:STNG) by 6,926.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 8,371,832 shares of the shipping company’s stock after acquiring an additional 8,252,691 shares during the period. Scorpio Tankers comprises about 5.0% of Mountaineer Partners Management LLC’s investment portfolio, making the stock its 7th largest position. Mountaineer Partners Management LLC owned 0.17% of Scorpio Tankers worth $596,912,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in STNG. Vanguard Group Inc. grew its position in shares of Scorpio Tankers by 176.6% during the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock worth $61,574,000 after buying an additional 549,395 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Scorpio Tankers by 354.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,439 shares of the shipping company’s stock worth $3,896,000 after acquiring an additional 42,451 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Scorpio Tankers in the 1st quarter valued at about $2,107,000. CWM LLC lifted its holdings in Scorpio Tankers by 39.4% during the second quarter. CWM LLC now owns 1,791 shares of the shipping company’s stock worth $146,000 after acquiring an additional 506 shares during the period. Finally, Simplicity Wealth LLC boosted its holdings in shares of Scorpio Tankers by 3.8% in the 2nd quarter. Simplicity Wealth LLC now owns 9,241 shares of the shipping company’s stock worth $751,000 after buying an additional 342 shares during the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STNG. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Jefferies Financial Group reduced their price target on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Bank of America decreased their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their price target for the company from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Finally, Evercore ISI lowered their price objective on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $76.40.

Scorpio Tankers Stock Performance

Scorpio Tankers stock opened at $51.81 on Wednesday. Scorpio Tankers Inc. has a 1-year low of $49.16 and a 1-year high of $84.67. The firm has a market cap of $2.62 billion, a P/E ratio of 3.71 and a beta of 0.13. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $61.24 and a 200-day moving average of $70.66.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, topping 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 business had revenue of $267.99 million during the quarter, compared to analyst estimates of $267.91 million. During the same period in the prior year, the business earned $1.91 EPS. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts expect that Scorpio Tankers Inc. will post 11.04 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Friday, November 22nd. Scorpio Tankers’s payout ratio is presently 11.47%.

Scorpio Tankers 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.