Scorpio Tankers Inc. (NYSE:STNG) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG) by 6.9% in the second quarter, HoldingsChannel reports. The fund owned 44,233 shares of the shipping company’s stock after selling 3,271 shares during the period. The Manufacturers Life Insurance Company’s holdings in Scorpio Tankers were worth $3,596,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after acquiring an additional 291 shares during the period. Fifth Third Bancorp boosted its position in Scorpio Tankers by 319.0% during the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after acquiring an additional 319 shares during the period. Fidelis Capital Partners LLC acquired a new position in Scorpio Tankers during the 1st quarter worth $58,000. Headlands Technologies LLC boosted its position in Scorpio Tankers by 1,912.2% during the 2nd quarter. Headlands Technologies LLC now owns 986 shares of the shipping company’s stock worth $80,000 after acquiring an additional 937 shares during the period. Finally, Blue Trust Inc. boosted its position in Scorpio Tankers by 7,942.9% during the 2nd quarter. Blue Trust Inc. now owns 1,126 shares of the shipping company’s stock worth $92,000 after acquiring an additional 1,112 shares during the period. Institutional investors and hedge funds own 54.64% of the company’s stock.

Analyst Upgrades and Downgrades

STNG has been the subject of several research analyst reports. Stifel Nicolaus upped their price objective on Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $90.00 price objective on shares of Scorpio Tankers in a report on Tuesday, July 30th. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Bank of America cut their price objective on Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Evercore ISI upped their price objective on Scorpio Tankers from $99.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.80.

Scorpio Tankers Trading Up 0.3 %

Shares of NYSE STNG opened at $73.14 on Tuesday. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 6.78, a P/E/G ratio of 2.00 and a beta of 0.15. Scorpio Tankers Inc. has a 12 month low of $52.01 and a 12 month high of $84.67. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $71.39 and a 200-day simple moving average of $74.66.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 earnings per share for the quarter, beating the consensus estimate of $3.52 by $0.08. The firm had revenue of $380.70 million for the quarter, compared to analyst estimates of $368.62 million. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. Scorpio Tankers’s quarterly revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.41 earnings per share. Sell-side analysts predict that Scorpio Tankers Inc. will post 12.71 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.19%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers’s payout ratio is 14.84%.

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.