Bridgeway Capital Management LLC Purchases 53,111 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Bridgeway Capital Management LLC increased its stake in Scorpio Tankers by 37.5%, acquiring an additional 53,111 shares, bringing its total holdings to 194,861 shares worth approximately $7.3 million.
• Scorpio Tankers reported a quarterly earnings of $1.41 per share, exceeding analyst expectations, but noted a 39.5% decline in revenue year-over-year.
• The company has recently announced a quarterly dividend of $0.40, representing an annual yield of 3.1%, signaling steady returns for shareholders amid fluctuating earnings.

Bridgeway Capital Management LLC grew its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 37.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 194,861 shares of the shipping company's stock after acquiring an additional 53,111 shares during the quarter. Bridgeway Capital Management LLC owned 0.38% of Scorpio Tankers worth $7,323,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in STNG. Signaturefd LLC boosted its holdings in Scorpio Tankers by 95.6% in the first quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock valued at $29,000 after acquiring an additional 372 shares in the last quarter. Ellevest Inc. boosted its holdings in Scorpio Tankers by 8.4% in the fourth quarter. Ellevest Inc. now owns 6,278 shares of the shipping company's stock valued at $312,000 after acquiring an additional 485 shares in the last quarter. Pinnacle Holdings LLC purchased a new position in Scorpio Tankers during the first quarter valued at $26,000. Glenorchy Capital Ltd lifted its position in Scorpio Tankers by 2.3% during the fourth quarter. Glenorchy Capital Ltd now owns 30,705 shares of the shipping company's stock valued at $1,526,000 after buying an additional 701 shares during the period. Finally, Vident Advisory LLC lifted its position in Scorpio Tankers by 5.8% during the fourth quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company's stock valued at $743,000 after buying an additional 818 shares during the period. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued a "buy" rating and set a $65.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Scorpio Tankers Stock Up 3.0%

Shares of STNG traded up $1.54 during trading hours on Friday, hitting $52.98. The company had a trading volume of 866,927 shares, compared to its average volume of 893,832. The firm has a fifty day moving average price of $45.88 and a 200-day moving average price of $41.48. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 7.22 and a beta of 0.03. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $74.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.38. The firm had revenue of $222.76 million during the quarter, compared to analyst estimates of $219.26 million. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.Scorpio Tankers's quarterly revenue was down 39.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.60 EPS. On average, equities research analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. Scorpio Tankers's payout ratio is 21.80%.

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.