Clear Harbor Asset Management LLC Cuts Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Clear Harbor Asset Management LLC reduced its holdings in Scorpio Tankers by 22.7%, owning 24,484 shares after selling 7,200 shares in the second quarter, valued at approximately $958,000.
• Scorpio Tankers reported a quarterly EPS of $1.41, exceeding estimates, but its revenue fell by 39.5% year-over-year, totaling $222.76 million.
• The company also announced a $0.40 quarterly dividend, reflecting a 2.8% yield and a payout ratio of 21.80%.

Clear Harbor Asset Management LLC cut its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 22.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,484 shares of the shipping company's stock after selling 7,200 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Scorpio Tankers were worth $958,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STNG. Pacer Advisors Inc. purchased a new position in Scorpio Tankers during the first quarter worth about $19,471,000. Assenagon Asset Management S.A. boosted its holdings in Scorpio Tankers by 598.3% during the second quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company's stock worth $13,974,000 after purchasing an additional 305,978 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Scorpio Tankers by 6.7% during the first quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company's stock worth $100,658,000 after purchasing an additional 167,218 shares during the last quarter. Nuveen LLC purchased a new position in Scorpio Tankers during the first quarter worth about $4,666,000. Finally, AQR Capital Management LLC boosted its holdings in Scorpio Tankers by 55.1% during the first quarter. AQR Capital Management LLC now owns 334,858 shares of the shipping company's stock worth $12,584,000 after purchasing an additional 119,000 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Down 1.6%

Shares of NYSE:STNG opened at $57.86 on Tuesday. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $74.67. The firm has a fifty day moving average of $49.44 and a 200 day moving average of $42.93. The firm has a market capitalization of $2.95 billion, a PE ratio of 7.88 and a beta of 0.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its 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. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. The company had revenue of $222.76 million during the quarter, compared to analyst estimates of $219.26 million. During the same period in the previous year, the business earned $3.60 earnings per share. The firm's quarterly revenue was down 39.5% compared to the same quarter last year. As a group, research analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were given a $0.40 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.60 annualized dividend and a yield of 2.8%. Scorpio Tankers's payout ratio is 21.80%.

Analyst Ratings Changes

A number of research firms have weighed in on STNG. Jefferies Financial Group boosted their target price on shares of Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, September 8th. Zacks Research raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 12th. Finally, Bank of America raised shares of Scorpio Tankers from a "neutral" rating to a "buy" rating and increased their target price for the company from $49.00 to $60.00 in a research report on Monday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Scorpio Tankers has an average rating of "Buy" and a consensus price target of $59.00.

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.

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