Dimensional Fund Advisors LP Lowers Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Dimensional Fund Advisors LP reduced its stake in Scorpio Tankers by 14%, selling 491,861 shares, and now owns approximately 3,020,213 shares valued at $113.5 million.
• Scorpio Tankers reported Q2 earnings of $1.41 per share, surpassing analyst expectations, despite experiencing a 39.5% year-over-year decline in revenue.
• The company declared a quarterly dividend of $0.40 per share, which translates to an annualized yield of 3.3%, set to be paid on August 29th.

Dimensional Fund Advisors LP trimmed its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 14.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,020,213 shares of the shipping company's stock after selling 491,861 shares during the period. Dimensional Fund Advisors LP owned about 5.92% of Scorpio Tankers worth $113,502,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in Scorpio Tankers in the first quarter valued at approximately $19,471,000. Balyasny Asset Management L.P. purchased a new position in Scorpio Tankers in the fourth quarter valued at approximately $14,426,000. Jefferies Financial Group Inc. purchased a new position in Scorpio Tankers in the fourth quarter valued at approximately $9,912,000. J. Goldman & Co LP purchased a new position in Scorpio Tankers in the fourth quarter valued at approximately $9,830,000. Finally, Vanguard Group Inc. increased its stake in Scorpio Tankers by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company's stock valued at $100,658,000 after purchasing an additional 167,218 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Performance

Shares of STNG traded up $1.27 during mid-day trading on Wednesday, reaching $50.30. 677,888 shares of the company's stock were exchanged, compared to its average volume of 1,047,932. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.95 and a quick ratio of 4.83. The stock has a market capitalization of $2.57 billion, a PE ratio of 6.85 and a beta of -0.03. The business's fifty day simple moving average is $44.47 and its 200-day simple moving average is $41.19. 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 data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.38. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. The firm had revenue of $222.76 million for the quarter, compared to analyst estimates of $219.26 million. During the same period last year, the firm posted $3.60 EPS. Scorpio Tankers's quarterly revenue was down 39.5% on a year-over-year basis. On average, equities research analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Wednesday, August 13th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, August 13th. Scorpio Tankers's dividend payout ratio (DPR) is 21.80%.

Analysts Set New Price Targets

Several equities analysts have commented on STNG shares. Fearnley Fonds upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a research note on Wednesday, July 30th. Finally, Evercore ISI dropped 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 note on Friday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Scorpio Tankers Company 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.