Federated Hermes Inc. Sells 8,238 Shares of 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. lowered its holdings in 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 Securities and Exchange Commission. The fund owned 9,243 shares of the shipping company's stock after selling 8,238 shares during the period. Federated Hermes Inc.'s holdings in Scorpio Tankers were worth $347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Signaturefd LLC grew its position in Scorpio Tankers by 95.6% during the first quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock worth $29,000 after buying an additional 372 shares in the last quarter. Ellevest Inc. grew its position in Scorpio Tankers by 8.4% during the fourth quarter. Ellevest Inc. now owns 6,278 shares of the shipping company's stock worth $312,000 after buying an additional 485 shares in the last quarter. Glenorchy Capital Ltd increased its position in shares of Scorpio Tankers by 2.3% during the 4th quarter. Glenorchy Capital Ltd now owns 30,705 shares of the shipping company's stock valued at $1,526,000 after purchasing an additional 701 shares during the last quarter. Covestor Ltd increased its position in shares of Scorpio Tankers by 1,375.0% during the 4th 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 last quarter. Finally, Vident Advisory LLC increased its position in shares of Scorpio Tankers by 5.8% during the 4th quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company's stock valued at $743,000 after purchasing an additional 818 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Analysts Set New Price Targets

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

Scorpio Tankers Trading Up 0.1%

STNG stock traded up $0.05 during trading on Wednesday, hitting $44.97. 1,087,168 shares of the company traded hands, compared to its average volume of 1,061,310. The firm has a market capitalization of $2.29 billion, a PE ratio of 6.13 and a beta of -0.03. Scorpio Tankers Inc. has a 1 year low of $30.63 and a 1 year high of $75.26. The company has a 50-day moving average of $43.31 and a 200-day moving average of $41.27. 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 released its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.38. The business had revenue of $222.76 million during the quarter, compared to analyst estimates of $219.26 million. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%. Scorpio Tankers's quarterly revenue was down 39.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.60 EPS. Analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Wednesday, August 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. Scorpio Tankers's dividend payout ratio is currently 21.80%.

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.