Assenagon Asset Management S.A. Buys 305,978 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Scorpio Tankers Inc. by 598.3%, acquiring 305,978 shares during the second quarter to reach a total of 357,120 shares valued at approximately $13.97 million.
• Analysts have recently upgraded Scorpio Tankers' stock rating, with Zacks Research moving it from "hold" to "strong-buy" and Bank of America raising the price target from $49 to $60.
• The company has announced a quarterly dividend of $0.40 per share, translating to an annualized yield of 2.8%, and has reported earnings that beat analyst expectations despite a year-over-year revenue decline.

Assenagon Asset Management S.A. raised its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 598.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 357,120 shares of the shipping company's stock after buying an additional 305,978 shares during the quarter. Assenagon Asset Management S.A. owned about 0.70% of Scorpio Tankers worth $13,974,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in STNG. Rhumbline Advisers raised its position in shares of Scorpio Tankers by 10.7% in the first quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company's stock valued at $3,163,000 after purchasing an additional 8,170 shares during the period. Empowered Funds LLC raised its holdings in Scorpio Tankers by 47.0% during the 1st quarter. Empowered Funds LLC now owns 166,282 shares of the shipping company's stock valued at $6,249,000 after acquiring an additional 53,153 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Scorpio Tankers by 24.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,114 shares of the shipping company's stock valued at $576,000 after acquiring an additional 2,971 shares during the period. AQR Capital Management LLC raised its holdings in Scorpio Tankers by 55.1% during the 1st quarter. AQR Capital Management LLC now owns 334,858 shares of the shipping company's stock valued at $12,584,000 after acquiring an additional 119,000 shares during the period. Finally, Invesco Ltd. raised its holdings in Scorpio Tankers by 17.8% during the 1st quarter. Invesco Ltd. now owns 137,600 shares of the shipping company's stock valued at $5,171,000 after acquiring an additional 20,764 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Zacks Research upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 12th. Bank of America upgraded 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. Finally, Jefferies Financial Group raised their price target on Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a report on Monday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $59.00.

Scorpio Tankers Trading Down 1.6%

Shares of STNG opened at $57.86 on Tuesday. The firm's 50-day moving average price is $49.44 and its 200-day moving average price is $42.93. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 7.88 and a beta of 0.03. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28. 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 data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.38. The business had revenue of $222.76 million for 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 business's revenue was down 39.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.60 EPS. Sell-side analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently announced 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Wednesday, August 13th. Scorpio Tankers's payout ratio is 21.80%.

Scorpio Tankers Company 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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