Tdam USA Inc. reduced its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 72.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,085 shares of the shipping company’s stock after selling 31,212 shares during the quarter. Tdam USA Inc.’s holdings in Scorpio Tankers were worth $357,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of STNG. Legal & General Group Plc grew its stake in Scorpio Tankers by 72.7% during the 4th quarter. Legal & General Group Plc now owns 191,896 shares of the shipping company’s stock valued at $338,000 after acquiring an additional 80,810 shares in the last quarter. Rubric Capital Management LP purchased a new position in Scorpio Tankers during the 1st quarter valued at about $9,920,000. Northern Trust Corp grew its stake in Scorpio Tankers by 38.8% during the 4th quarter. Northern Trust Corp now owns 3,794,603 shares of the shipping company’s stock valued at $6,678,000 after acquiring an additional 1,061,677 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Scorpio Tankers during the 1st quarter valued at about $216,000. Finally, Geode Capital Management LLC grew its stake in Scorpio Tankers by 84.8% during the 4th quarter. Geode Capital Management LLC now owns 1,591,670 shares of the shipping company’s stock valued at $2,801,000 after acquiring an additional 730,489 shares in the last quarter. Institutional investors and hedge funds own 55.17% of the company’s stock.
STNG has been the topic of several research analyst reports. Jefferies Financial Group set a $40.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Friday, June 28th. Zacks Investment Research raised Scorpio Tankers from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. B. Riley set a $40.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Wednesday, July 31st. BTIG Research set a $38.00 target price on Scorpio Tankers and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. raised Scorpio Tankers from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $29.00 to $34.00 in a research note on Thursday, May 16th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $34.71.
Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, July 31st. The shipping company reported ($0.62) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.71) by $0.09. The business had revenue of $150.80 million during the quarter, compared to analysts’ expectations of $148.88 million. Scorpio Tankers had a negative return on equity of 5.50% and a negative net margin of 16.52%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.15) EPS. Equities research analysts anticipate that Scorpio Tankers Inc. will post -0.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 10th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.40 annualized dividend and a dividend yield of 1.75%. Scorpio Tankers’s payout ratio is -8.77%.
Scorpio Tankers Company Profile
Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products worldwide. As of March 20, 2019, its owned or finance leased 109 product tankers, including 38 LR2 tankers, 12 LR1 tankers, 45 MR tankers, and 14 Handymax tankers with an average age of 3.6 years; and time or bareboat chartered-in 10 product tankers comprising 3 MR tankers and 7 Handymax tankers.
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