Bank of America Corp DE Sells 429,916 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Bank of America Corp DE decreased its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 69.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 185,499 shares of the shipping company's stock after selling 429,916 shares during the quarter. Bank of America Corp DE owned 0.37% of Scorpio Tankers worth $9,217,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. U S Global Investors Inc. lifted its position in Scorpio Tankers by 4.4% during the 4th quarter. U S Global Investors Inc. now owns 5,092 shares of the shipping company's stock worth $253,000 after buying an additional 215 shares in the last quarter. Lindbrook Capital LLC grew its stake in Scorpio Tankers by 75.8% in the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock valued at $30,000 after purchasing an additional 263 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Scorpio Tankers by 40.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock worth $46,000 after purchasing an additional 266 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Scorpio Tankers by 0.7% during 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 in the last quarter. Finally, Gallacher Capital Management LLC increased its holdings in Scorpio Tankers by 6.1% during the fourth quarter. Gallacher Capital Management LLC now owns 10,409 shares of the shipping company's stock worth $517,000 after buying an additional 603 shares during the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Scorpio Tankers Stock Performance

Shares of STNG traded up $1.00 during trading hours on Tuesday, hitting $41.05. The company had a trading volume of 674,471 shares, compared to its average volume of 897,090. The business has a fifty day moving average of $37.86 and a 200-day moving average of $44.32. The company has a quick ratio of 2.39, a current ratio of 2.43 and a debt-to-equity ratio of 0.25. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 3.15 and a beta of -0.12. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $84.67.

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

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, May 30th. This represents a $1.60 annualized dividend and a yield of 3.90%. Scorpio Tankers's payout ratio is currently 15.76%.

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.