Ameriprise Financial Inc. Trims Position in Scorpio Tankers Inc. (NYSE:STNG)

Ameriprise Financial Inc. cut its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 91.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,936 shares of the shipping company's stock after selling 63,454 shares during the period. Ameriprise Financial Inc.'s holdings in Scorpio Tankers were worth $295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Lindbrook Capital LLC lifted its stake in Scorpio Tankers by 75.8% during the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock worth $30,000 after purchasing an additional 263 shares in the last quarter. Covestor Ltd boosted its holdings in Scorpio Tankers by 1,375.0% during the 4th quarter. Covestor Ltd now owns 826 shares of the shipping company's stock valued at $41,000 after acquiring an additional 770 shares during the period. PNC Financial Services Group Inc. grew its position in Scorpio Tankers by 40.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock valued at $46,000 after acquiring an additional 266 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Scorpio Tankers by 850.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company's stock valued at $49,000 after acquiring an additional 876 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Scorpio Tankers during the fourth quarter worth about $99,000. Institutional investors and hedge funds own 54.64% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Evercore ISI decreased their price target on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group reiterated a "buy" rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 1st. Stifel Nicolaus decreased their target price on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating for the company in a report on Friday, February 14th. Finally, Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Scorpio Tankers Price Performance

Shares of STNG traded up $0.18 during mid-day trading on Friday, hitting $39.70. The company's stock had a trading volume of 523,389 shares, compared to its average volume of 898,216. The company has a current ratio of 2.43, a quick ratio of 2.39 and a debt-to-equity ratio of 0.25. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $84.67. The firm has a market capitalization of $2.03 billion, a P/E ratio of 3.04 and a beta of -0.04. The firm has a 50-day simple moving average of $38.00 and a 200 day simple moving average of $43.48.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. The firm had revenue of $204.20 million during the quarter, compared to analysts' expectations of $205.89 million. During the same period in the previous year, the firm posted $3.97 earnings per share. Scorpio Tankers's revenue was down 45.3% on a year-over-year basis. Analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Friday, May 30th. Scorpio Tankers's payout ratio is currently 15.76%.

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.