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

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

A number of other hedge funds have also recently bought and sold shares of STNG. 4WEALTH Advisors Inc. acquired a new position in Scorpio Tankers during the 4th quarter valued at about $565,000. AQR Capital Management LLC raised its stake in shares of Scorpio Tankers by 22.2% during the fourth quarter. AQR Capital Management LLC now owns 215,858 shares of the shipping company's stock worth $10,726,000 after buying an additional 39,186 shares during the last quarter. Northern Trust Corp lifted its holdings in Scorpio Tankers by 2.8% in the fourth quarter. Northern Trust Corp now owns 449,742 shares of the shipping company's stock valued at $22,348,000 after buying an additional 12,139 shares during the period. Oxford Asset Management LLP bought a new position in Scorpio Tankers in the fourth quarter valued at approximately $374,000. Finally, Boothbay Fund Management LLC acquired a new stake in Scorpio Tankers during the 4th quarter worth $457,000. 54.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Scorpio Tankers Stock Up 1.5%

STNG stock traded up $0.58 during mid-day trading on Thursday, hitting $40.06. 393,555 shares of the company were exchanged, compared to its average volume of 898,002. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $84.67. The firm's 50 day simple moving average is $37.83 and its 200 day simple moving average is $44.16. The firm has a market cap of $2.04 billion, a P/E ratio of 3.07 and a beta of -0.12.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, topping 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 company had revenue of $204.20 million during the quarter, compared to the consensus estimate of $205.89 million. During the same quarter in the prior year, the firm earned $3.97 earnings per share. The firm's revenue was down 45.3% compared to the same quarter last year. On average, sell-side analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, May 30th. Scorpio Tankers's dividend payout ratio is 15.76%.

About Scorpio Tankers

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.