Acadian Asset Management LLC Reduces Stake in Scorpio Tankers Inc. $STNG

Key Points

• Acadian Asset Management LLC has reduced its stake in Scorpio Tankers Inc. by 35.6%, selling 52,753 shares and owning 95,422 shares worth approximately $3.58 million after the sale.
• Scorpio Tankers received favorable analyst upgrades with Jefferies increasing its price target from $65 to $70, while Bank of America raised its target from $49 to $60, reflecting a positive outlook for the stock.
• The company reported earnings of $1.41 per share for the recent quarter, surpassing analysts' expectations, despite a 39.5% decline in quarterly revenue from the previous year.

Acadian Asset Management LLC lessened its holdings in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 35.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 95,422 shares of the shipping company's stock after selling 52,753 shares during the period. Acadian Asset Management LLC owned approximately 0.19% of Scorpio Tankers worth $3,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Intech Investment Management LLC lifted its stake in shares of Scorpio Tankers by 9.4% in the 1st quarter. Intech Investment Management LLC now owns 32,478 shares of the shipping company's stock valued at $1,221,000 after purchasing an additional 2,802 shares during the last quarter. Empowered Funds LLC lifted its stake in Scorpio Tankers by 47.0% during the 1st quarter. Empowered Funds LLC now owns 166,282 shares of the shipping company's stock worth $6,249,000 after acquiring an additional 53,153 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in Scorpio Tankers by 786.2% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 48,990 shares of the shipping company's stock worth $1,841,000 after acquiring an additional 43,462 shares in the last quarter. Petrus Trust Company LTA lifted its stake in Scorpio Tankers by 310.1% during the 1st quarter. Petrus Trust Company LTA now owns 19,328 shares of the shipping company's stock worth $726,000 after acquiring an additional 14,615 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Scorpio Tankers by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company's stock worth $996,000 after purchasing an additional 1,144 shares during the period. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Price Performance

Shares of STNG traded down $0.83 during mid-day trading on Friday, hitting $58.85. The company's stock had a trading volume of 1,270,434 shares, compared to its average volume of 1,066,300. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $49.20 and a 200 day simple moving average of $42.75. The firm has a market capitalization of $3.00 billion, a P/E ratio of 8.02 and a beta of 0.04. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $74.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.03 by $0.38. The business had revenue of $222.76 million during the quarter, compared to analysts' expectations of $219.26 million. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The company's quarterly revenue was down 39.5% compared to the same quarter last year. During the same period last year, the firm earned $3.60 EPS. Analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Wednesday, August 13th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Wednesday, August 13th. Scorpio Tankers's dividend payout ratio (DPR) is currently 21.80%.

Analysts Set New Price Targets

A number of research analysts have recently commented on STNG shares. Jefferies Financial Group increased their price objective on Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a report on Monday, September 8th. Zacks Research raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 12th. Finally, Bank of America raised Scorpio Tankers from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $49.00 to $60.00 in a research report on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $59.00.

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.