Assenagon Asset Management S.A. Cuts Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Assenagon Asset Management S.A. reduced its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 74.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,142 shares of the shipping company's stock after selling 150,511 shares during the period. Assenagon Asset Management S.A. owned approximately 0.10% of Scorpio Tankers worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Savant Capital LLC bought a new position in Scorpio Tankers in the 4th quarter worth $346,000. Rhumbline Advisers raised its holdings in Scorpio Tankers by 0.7% in the 4th quarter. Rhumbline Advisers now owns 76,004 shares of the shipping company's stock worth $3,777,000 after purchasing an additional 559 shares during the period. Principal Financial Group Inc. raised its holdings in Scorpio Tankers by 9.6% in the 4th quarter. Principal Financial Group Inc. now owns 45,377 shares of the shipping company's stock worth $2,255,000 after purchasing an additional 3,961 shares during the period. Ieq Capital LLC bought a new position in Scorpio Tankers in the 4th quarter worth $682,000. Finally, TCW Group Inc. raised its holdings in Scorpio Tankers by 8.2% in the 4th quarter. TCW Group Inc. now owns 190,692 shares of the shipping company's stock worth $9,475,000 after purchasing an additional 14,500 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Price Performance

STNG stock traded down $1.45 during trading on Friday, reaching $42.85. The company's stock had a trading volume of 1,717,121 shares, compared to its average volume of 905,947. Scorpio Tankers Inc. has a 1 year low of $30.63 and a 1 year high of $84.67. The company has a quick ratio of 4.12, a current ratio of 4.20 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $2.19 billion, a P/E ratio of 4.22 and a beta of -0.04. The company's fifty day moving average is $39.59 and its 200-day moving average is $42.86.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.32. Scorpio Tankers had a return on equity of 12.30% and a net margin of 48.08%. The business had revenue of $204.20 million during the quarter, compared to analyst estimates of $205.89 million. During the same quarter in the prior year, the business posted $3.97 EPS. Scorpio Tankers's revenue for the quarter was down 45.3% compared to the same quarter last year. On average, research analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.73%. Scorpio Tankers's payout ratio is presently 15.76%.

Wall Street Analyst Weigh In

STNG has been the topic of a number of recent research reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a report on Thursday, May 1st. Fearnley Fonds raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Evercore ISI decreased their target price on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

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.