Truist Financial Corp Has $889,000 Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Truist Financial Corp grew its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 1.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,933 shares of the shipping company’s stock after buying an additional 149 shares during the period. Truist Financial Corp’s holdings in Scorpio Tankers were worth $889,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in STNG. Janney Montgomery Scott LLC bought a new stake in Scorpio Tankers in the 1st quarter valued at $596,000. BNP Paribas Financial Markets increased its holdings in shares of Scorpio Tankers by 37.0% in the first quarter. BNP Paribas Financial Markets now owns 88,827 shares of the shipping company’s stock valued at $6,356,000 after purchasing an additional 23,975 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Scorpio Tankers by 101.4% in the first quarter. Acadian Asset Management LLC now owns 19,456 shares of the shipping company’s stock valued at $1,391,000 after purchasing an additional 9,798 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Scorpio Tankers in the first quarter valued at about $2,107,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Scorpio Tankers during the 4th quarter worth about $740,000. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Trading Down 1.9 %

Shares of Scorpio Tankers stock opened at $69.54 on Tuesday. The company has a quick ratio of 2.63, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. Scorpio Tankers Inc. has a 12-month low of $52.68 and a 12-month high of $84.67. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 5.47, a PEG ratio of 1.94 and a beta of 0.15. The firm’s 50-day moving average price is $71.01 and its two-hundred day moving average price is $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 (EPS) for the quarter, topping the consensus estimate of $3.52 by $0.08. The business had revenue of $380.70 million for the quarter, compared to analyst estimates of $368.62 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the business posted $2.41 EPS. On average, analysts forecast that Scorpio Tankers Inc. will post 12.71 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a $0.40 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.60 annualized dividend and a dividend yield of 2.30%. Scorpio Tankers’s payout ratio is 12.58%.

Analyst Upgrades and Downgrades

STNG has been the topic of several research analyst reports. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Tuesday, July 30th. Stifel Nicolaus increased their target price on Scorpio Tankers from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Fearnley Fonds raised Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Finally, Bank of America dropped their target price on Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.80.

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.