Bank of America Corp DE Has $18.24 Million Stake in Scorpio Tankers Inc. $STNG

Bank of America Corp DE lifted its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 9.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 244,364 shares of the shipping company's stock after acquiring an additional 20,878 shares during the period. Bank of America Corp DE owned 0.48% of Scorpio Tankers worth $18,244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Scorpio Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company's stock valued at $996,000 after purchasing an additional 1,144 shares during the period. Intech Investment Management LLC lifted its position in Scorpio Tankers by 9.4% during the 1st quarter. Intech Investment Management LLC now owns 32,478 shares of the shipping company's stock worth $1,221,000 after acquiring an additional 2,802 shares during the last quarter. Legal & General Group Plc boosted its holdings in Scorpio Tankers by 11.2% during the second quarter. Legal & General Group Plc now owns 9,985 shares of the shipping company's stock valued at $391,000 after acquiring an additional 1,005 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Scorpio Tankers by 593.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,807 shares of the shipping company's stock valued at $110,000 after acquiring an additional 2,402 shares during the period. Finally, Marshall Wace LLP grew its position in shares of Scorpio Tankers by 3.1% in the second quarter. Marshall Wace LLP now owns 151,604 shares of the shipping company's stock valued at $5,932,000 after purchasing an additional 4,618 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

STNG has been the topic of a number of recent research reports. Morgan Stanley set a $86.00 target price on Scorpio Tankers in a research report on Tuesday. Zacks Research cut Scorpio Tankers from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 30th. Bank of America downgraded Scorpio Tankers from a "buy" rating to an "underperform" rating and reduced their price objective for the stock from $100.00 to $78.00 in a research report on Tuesday, June 30th. Evercore reissued an "outperform" rating and set a $94.00 price objective on shares of Scorpio Tankers in a report on Wednesday, July 22nd. Finally, BTIG Research boosted their price objective on Scorpio Tankers from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Scorpio Tankers currently has an average rating of "Hold" and a consensus target price of $90.14.

Scorpio Tankers Trading Down 0.1%

STNG stock opened at $79.27 on Thursday. Scorpio Tankers Inc. has a 1-year low of $45.96 and a 1-year high of $87.39. The company has a current ratio of 6.93, a quick ratio of 6.89 and a debt-to-equity ratio of 0.14. The business's 50 day moving average is $77.09 and its 200-day moving average is $75.81. The firm has a market cap of $4.00 billion, a P/E ratio of 4.95 and a beta of -0.22.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly 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. Scorpio Tankers had a return on equity of 16.43% and a net margin of 67.16%.The business had revenue of $408.73 million for the quarter, compared to analyst estimates of $398.25 million. During the same quarter in the previous year, the firm earned $1.41 EPS. Scorpio Tankers's quarterly revenue was up 77.5% on a year-over-year basis. Equities analysts anticipate that Scorpio Tankers Inc. will post 11.1 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, August 17th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. Scorpio Tankers's dividend payout ratio (DPR) is 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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