Federated Hermes Inc. Reduces Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Key Points

• Federated Hermes Inc. reduced its stake in Scorpio Tankers Inc. by 47.1%, owning 9,243 shares valued at $347,000 after selling 8,238 shares in the first quarter.
• Scorpio Tankers reported earnings of $1.41 per share, exceeding analysts' expectations of $1.03, despite a 39.5% decline in quarterly revenue year-over-year.
• The company declared a quarterly dividend of $0.40 per share, reflecting an annualized yield of 3.5% and a payout ratio of 21.80%.

Federated Hermes Inc. decreased its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 47.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,243 shares of the shipping company's stock after selling 8,238 shares during the quarter. Federated Hermes Inc.'s holdings in Scorpio Tankers were worth $347,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in STNG. Franklin Resources Inc. boosted its stake in shares of Scorpio Tankers by 28.1% during the fourth quarter. Franklin Resources Inc. now owns 73,409 shares of the shipping company's stock worth $3,648,000 after buying an additional 16,116 shares during the period. FMR LLC boosted its stake in shares of Scorpio Tankers by 266.2% during the fourth quarter. FMR LLC now owns 2,613,611 shares of the shipping company's stock worth $129,870,000 after buying an additional 1,899,981 shares during the period. Legal & General Group Plc boosted its stake in shares of Scorpio Tankers by 21.4% during the fourth quarter. Legal & General Group Plc now owns 8,978 shares of the shipping company's stock worth $446,000 after buying an additional 1,583 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Scorpio Tankers during the fourth quarter worth about $684,000. Finally, Covestor Ltd lifted its position in Scorpio Tankers by 1,375.0% in the fourth quarter. Covestor Ltd now owns 826 shares of the shipping company's stock valued at $41,000 after purchasing an additional 770 shares during the period. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Stock Performance

NYSE:STNG traded down $0.10 during mid-day trading on Thursday, reaching $44.91. The stock had a trading volume of 802,610 shares, compared to its average volume of 1,059,388. 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 capitalization of $2.29 billion, a price-to-earnings ratio of 6.12 and a beta of -0.03. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $75.26. The business has a 50 day simple moving average of $43.41 and a 200 day simple moving average of $41.29.

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 (EPS) 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 company had revenue of $222.76 million during the quarter, compared to analysts' expectations of $219.26 million. During the same period last year, the company posted $3.60 earnings per share. The firm's quarterly revenue was down 39.5% compared to the same quarter last year. On average, analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. Scorpio Tankers's dividend payout ratio (DPR) is 21.80%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Jefferies Financial Group restated a "buy" rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, July 30th. Evercore ISI reduced their price objective on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Finally, Fearnley Fonds upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Scorpio Tankers currently has an average rating of "Moderate Buy" and an average price target of $60.50.

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.