Graham Capital Management L.P. Grows Stake in Scorpio Tankers Inc. $STNG

Key Points

• Graham Capital Management L.P. increased its holdings in Scorpio Tankers by 514.8% in the first quarter, now owning 52,520 shares valued at $1.97 million.
• Scorpio Tankers reported Q2 earnings of $1.41 per share, exceeding estimates, with a net margin of 39.18% despite a 39.5% year-over-year revenue decline.
• The company announced a quarterly dividend of $0.40, representing a 3.2% yield with a payout ratio of 21.80%.

Graham Capital Management L.P. lifted its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 514.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,520 shares of the shipping company's stock after acquiring an additional 43,978 shares during the quarter. Graham Capital Management L.P. owned approximately 0.10% of Scorpio Tankers worth $1,974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted 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 valued at $100,658,000 after purchasing an additional 167,218 shares in the last quarter. American Century Companies Inc. raised its position in shares of Scorpio Tankers by 4.3% during the 1st quarter. American Century Companies Inc. now owns 1,625,131 shares of the shipping company's stock valued at $61,072,000 after purchasing an additional 66,729 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Scorpio Tankers during the 1st quarter valued at $19,471,000. Northern Trust Corp lifted its stake in shares of Scorpio Tankers by 3.8% during the 1st quarter. Northern Trust Corp now owns 466,928 shares of the shipping company's stock valued at $17,547,000 after buying an additional 17,186 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Scorpio Tankers in the 4th quarter worth $14,426,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reissued a "buy" rating and set a $65.00 price target on shares of Scorpio Tankers in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Scorpio Tankers Price Performance

Shares of Scorpio Tankers stock traded up $1.54 during trading on Friday, reaching $52.98. 866,927 shares of the stock traded hands, compared to its average volume of 893,832. 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 current ratio of 4.95 and a quick ratio of 4.83. The business has a fifty day simple moving average of $45.88 and a two-hundred day simple moving average of $41.48. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 7.22 and a beta of 0.03.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced 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 company 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%.The firm's revenue was down 39.5% on a year-over-year basis. During the same period in the prior year, the company earned $3.60 earnings per share. Sell-side analysts expect that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Scorpio Tankers's dividend payout ratio (DPR) is 21.80%.

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.