Acadian Asset Management LLC Sells 52,753 Shares of 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 reduced its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 35.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,422 shares of the shipping company's stock after selling 52,753 shares during the quarter. Acadian Asset Management LLC owned about 0.19% of Scorpio Tankers worth $3,582,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Deutsche Bank AG lifted its position in Scorpio Tankers by 52.6% in the 4th quarter. Deutsche Bank AG now owns 37,508 shares of the shipping company's stock valued at $1,864,000 after acquiring an additional 12,923 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Scorpio Tankers by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 12,552 shares of the shipping company's stock worth $624,000 after buying an additional 3,700 shares during the last quarter. Sherbrooke Park Advisers LLC increased its stake in shares of Scorpio Tankers by 28.3% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 4,035 shares of the shipping company's stock worth $200,000 after purchasing an additional 889 shares in the last quarter. Vident Advisory LLC increased its stake in shares of Scorpio Tankers by 5.8% in the 4th quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company's stock worth $743,000 after purchasing an additional 818 shares in the last quarter. Finally, LM Asset IM Inc. purchased a new stake in shares of Scorpio Tankers in the 4th quarter worth $1,988,000. 54.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on STNG shares. Jefferies Financial Group increased their price target on Scorpio Tankers from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Bank of America raised shares of Scorpio Tankers from a "neutral" rating to a "buy" rating and increased their price target for the company from $49.00 to $60.00 in a report on Monday, September 8th. One equities research analyst has 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. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $59.00.

Scorpio Tankers Price Performance

NYSE STNG opened at $58.82 on Monday. Scorpio Tankers Inc. has a 12-month low of $30.63 and a 12-month high of $74.67. The firm's fifty day simple moving average is $47.57 and its two-hundred day simple moving average is $42.08. 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 market capitalization of $3.00 billion, a P/E ratio of 8.01 and a beta of 0.03.

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

Scorpio Tankers Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. Scorpio Tankers's payout ratio is 21.80%.

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.

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