Jennison Associates LLC Invests $1.16 Million in Scorpio Tankers Inc. $STNG

Key Points

• Jennison Associates LLC opened a new position in Scorpio Tankers during the first quarter, buying 15,550 shares worth about $1.16 million.
• Scorpio Tankers has continued to attract institutional interest, with several other hedge funds boosting or initiating stakes; 54.64% of the stock is held by institutions and hedge funds.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $88.14, while the company also posted strong quarterly results and pays a 2.3% dividend yield.

Jennison Associates LLC acquired a new position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,550 shares of the shipping company's stock, valued at approximately $1,161,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ticino Wealth purchased a new position in Scorpio Tankers in the 4th quarter worth approximately $9,526,000. GSA Capital Partners LLP raised its position in shares of Scorpio Tankers by 414.9% during the 4th quarter. GSA Capital Partners LLP now owns 63,171 shares of the shipping company's stock valued at $3,211,000 after buying an additional 50,902 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Scorpio Tankers by 136.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 853,712 shares of the shipping company's stock valued at $43,394,000 after buying an additional 492,584 shares in the last quarter. Ruffer LLP purchased a new stake in shares of Scorpio Tankers during the 4th quarter valued at $4,374,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Scorpio Tankers by 1,708.7% during the 4th quarter. SBI Securities Co. Ltd. now owns 8,483 shares of the shipping company's stock worth $431,000 after acquiring an additional 8,014 shares during the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STNG has been the topic of a number of research analyst reports. Jefferies Financial Group started coverage on Scorpio Tankers in a research note on Friday, April 24th. They issued a "buy" rating and a $90.00 target price on the stock. Morgan Stanley set a $82.00 price objective on Scorpio Tankers and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Evercore reiterated an "outperform" rating and issued a $94.00 price objective on shares of Scorpio Tankers in a report on Wednesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Scorpio Tankers in a research report on Thursday, June 18th. Finally, BTIG Research raised their price objective on Scorpio Tankers from $85.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $88.14.

Scorpio Tankers Price Performance

STNG stock opened at $78.47 on Thursday. The firm has a market cap of $3.96 billion, a P/E ratio of 7.72 and a beta of -0.24. The firm's fifty day moving average is $77.31 and its 200 day moving average is $72.94. Scorpio Tankers Inc. has a 52 week low of $43.40 and a 52 week high of $87.39. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.87 and a current ratio of 13.98.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.23. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The business had revenue of $312.86 million during the quarter, compared to the consensus estimate of $286.81 million. During the same period in the previous year, the firm posted $1.03 earnings per share. The firm's revenue for the quarter was up 46.2% on a year-over-year basis. Research analysts predict that Scorpio Tankers Inc. will post 12.15 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, May 29th. Scorpio Tankers's payout ratio is 17.70%.

Scorpio Tankers Profile

Scorpio Tankers Inc NYSE: STNG is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.

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