Assenagon Asset Management S.A. Sells 377,550 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Assenagon Asset Management cut its Scorpio Tankers stake by 41.1% in the second quarter, selling 377,550 shares and retaining 540,673 shares worth approximately $37.4 million. Institutional investors collectively own 54.64% of STNG.
• Analyst sentiment is mixed but leans positive: five analysts rate the stock “Buy,” five “Hold,” and one “Sell,” producing an average “Hold” rating and a consensus price target of $89.57 versus the $76.20 share price.
• Scorpio Tankers reported strong quarterly results, with EPS of $4.68 beating estimates and revenue rising 77.5% year over year to $408.73 million. The company also declared a quarterly dividend of $0.45 per share, equivalent to a 2.4% annualized yield.

Assenagon Asset Management S.A. decreased its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 41.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 540,673 shares of the shipping company's stock after selling 377,550 shares during the period. Assenagon Asset Management S.A. owned about 1.07% of Scorpio Tankers worth $37,447,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of STNG. Ticino Wealth acquired a new stake in Scorpio Tankers during the 4th quarter valued at $9,526,000. GSA Capital Partners LLP raised its position in Scorpio Tankers by 414.9% in the 4th quarter. GSA Capital Partners LLP now owns 63,171 shares of the shipping company's stock valued at $3,211,000 after purchasing an additional 50,902 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Scorpio Tankers by 1,708.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 8,483 shares of the shipping company's stock valued at $431,000 after purchasing an additional 8,014 shares during the last quarter. Ruffer LLP acquired a new position in Scorpio Tankers in the fourth quarter worth $4,374,000. Finally, Sei Investments Co. boosted its stake in Scorpio Tankers by 47.5% in the first quarter. Sei Investments Co. now owns 118,751 shares of the shipping company's stock worth $8,865,000 after purchasing an additional 38,216 shares in the last quarter. Institutional investors own 54.64% of the company's stock.

Wall Street Analyst Weigh In

STNG has been the topic of several research analyst reports. Morgan Stanley set a $82.00 target price on Scorpio Tankers and gave the stock an "equal weight" rating in a report on Thursday, July 9th. BTIG Research upped their price target on shares of Scorpio Tankers from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Evercore reiterated an "outperform" rating and set a $94.00 price target on shares of Scorpio Tankers in a research report on Wednesday, July 22nd. Jefferies Financial Group reissued a "buy" rating and set a $100.00 price objective on shares of Scorpio Tankers in a report on Tuesday, August 4th. Finally, Wall Street Zen cut shares of Scorpio Tankers from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, July 14th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $89.57.

Scorpio Tankers Stock Down 0.2%

NYSE:STNG opened at $76.20 on Friday. The stock's fifty day moving average price is $76.75 and its two-hundred day moving average price is $74.66. Scorpio Tankers Inc. has a 52-week low of $43.78 and a 52-week high of $87.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 13.87 and a current ratio of 6.93. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 4.76 and a beta of -0.22.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its earnings results on Thursday, July 30th. The shipping company reported $4.68 EPS for the quarter, beating the consensus estimate of $4.56 by $0.12. The company had revenue of $408.73 million during the quarter, compared to analysts' expectations of $398.25 million. Scorpio Tankers had a return on equity of 16.43% and a net margin of 67.16%.The business's revenue for the quarter was up 77.5% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. On average, analysts anticipate that Scorpio Tankers Inc. will post 11.1 EPS for the current year.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be issued a $0.45 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.80 annualized dividend and a yield of 2.4%. Scorpio Tankers's dividend payout ratio (DPR) is currently 11.24%.

About Scorpio Tankers

Scorpio Tankers Inc NYSE: STNG is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.

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