Charles Schwab Investment Management Inc. Cuts Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in Scorpio Tankers Inc. by 18.5%, selling 35,999 shares during the first quarter, bringing its total ownership to around 0.31% of the company.
• Scorpio Tankers reported an EPS of $1.41 for the last quarter, exceeding the analysts' expectations of $1.03, though its revenue decreased by 39.5% year-over-year.
• The company declared a quarterly dividend of $0.40 per share, with a dividend yield of 3.2%, which will be paid out on August 29th.

Charles Schwab Investment Management Inc. trimmed its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,162 shares of the shipping company's stock after selling 35,999 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.31% of Scorpio Tankers worth $5,944,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in shares of 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 purchasing an additional 372 shares during the period. Rossby Financial LCC bought a new stake in shares of Scorpio Tankers in the first quarter valued at approximately $165,000. CWM LLC raised its position in shares of Scorpio Tankers by 180.3% in the first quarter. CWM LLC now owns 4,959 shares of the shipping company's stock valued at $186,000 after purchasing an additional 3,190 shares during the period. Sherbrooke Park Advisers LLC raised its position in shares of Scorpio Tankers by 28.3% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 4,035 shares of the shipping company's stock valued at $200,000 after purchasing an additional 889 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Scorpio Tankers by 1,652.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,626 shares of the shipping company's stock valued at $230,000 after purchasing an additional 4,362 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Price Performance

Scorpio Tankers stock traded up $0.55 during midday trading on Friday, reaching $50.44. 1,296,939 shares of the stock were exchanged, compared to its average volume of 984,834. The company's fifty day moving average is $44.84 and its 200-day moving average is $41.23. 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 firm has a market cap of $2.57 billion, a PE ratio of 6.87 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 earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.38. The business had revenue of $222.76 million for the quarter, compared to analyst estimates of $219.26 million. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. Scorpio Tankers's revenue was down 39.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.60 EPS. On average, sell-side analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 13th. Scorpio Tankers's payout ratio is currently 21.80%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on STNG shares. Fearnley Fonds raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a research report on Wednesday, July 30th. Finally, Evercore ISI lowered their price target on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.50.

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.