Empowered Funds LLC Has $6.25 Million Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Empowered Funds LLC has increased its stake in Scorpio Tankers Inc. by 47% to own approximately $6.25 million worth of shares as of its latest SEC filing.
• Scorpio Tankers reported Q2 earnings of $1.41 per share, exceeding estimates, but noted a 39.5% year-over-year decline in revenue.
• The company recently declared a quarterly dividend of $0.40 per share, representing an annualized yield of 2.8%.

Empowered Funds LLC grew its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 47.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,282 shares of the shipping company's stock after buying an additional 53,153 shares during the quarter. Empowered Funds LLC owned approximately 0.33% of Scorpio Tankers worth $6,249,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in STNG. Pinnacle Holdings LLC purchased a new stake in shares of Scorpio Tankers in the 1st quarter valued at approximately $26,000. Signaturefd LLC raised its stake in Scorpio Tankers by 95.6% during the 1st 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. Caitong International Asset Management Co. Ltd acquired a new stake in Scorpio Tankers during the 1st quarter valued at $147,000. Rossby Financial LCC purchased a new stake in shares of Scorpio Tankers in the first quarter valued at $165,000. Finally, CWM LLC lifted its holdings 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 in the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Bank of America upgraded Scorpio Tankers from a "neutral" rating to a "buy" rating and lifted their price target for the company from $49.00 to $60.00 in a report on Monday, September 8th. Jefferies Financial Group raised their price objective on Scorpio Tankers from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Scorpio Tankers has an average rating of "Buy" and a consensus price target of $59.00.

Scorpio Tankers Stock Up 0.9%

Shares of NYSE:STNG traded up $0.54 during midday trading on Friday, hitting $58.82. 915,474 shares of the stock were exchanged, compared to its average volume of 985,205. The company has a market capitalization of $3.00 billion, a PE ratio of 8.01 and a beta of 0.04. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $74.67. 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 business's fifty day simple moving average is $47.57 and its two-hundred day simple moving average is $42.06.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.38. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The company had revenue of $222.76 million for the quarter, compared to analyst estimates of $219.26 million. During the same period in the prior year, the firm posted $3.60 EPS. The business's revenue was down 39.5% compared to the same quarter last year. As a group, research analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share 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. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, August 13th. Scorpio Tankers's payout ratio is currently 21.80%.

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.