Kingswood Wealth Advisors LLC Buys Shares of 13,600 Scorpio Tankers Inc. $STNG

Key Points

• Kingswood Wealth Advisors LLC acquired a new stake in Scorpio Tankers by purchasing 13,600 shares valued at approximately $532,000 in the 2nd quarter.
• Scorpio Tankers reported an earnings per share (EPS) of $1.41 for the last quarter, exceeding estimates of $1.03, despite a year-over-year revenue decline of 39.5%.
• The company has declared a quarterly dividend of $0.40, which amounts to an annualized dividend yield of 2.9%.

Kingswood Wealth Advisors LLC bought a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 13,600 shares of the shipping company's stock, valued at approximately $532,000.

Several other hedge funds have also bought and sold shares of the stock. Signaturefd LLC lifted its position in Scorpio Tankers by 95.4% during the second quarter. Signaturefd LLC now owns 1,487 shares of the shipping company's stock valued at $58,000 after purchasing an additional 726 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Scorpio Tankers by 25.0% during the second quarter. Public Employees Retirement System of Ohio now owns 1,224 shares of the shipping company's stock valued at $48,000 after purchasing an additional 245 shares during the last quarter. Bfsg LLC lifted its position in Scorpio Tankers by 116.6% during the second quarter. Bfsg LLC now owns 2,164 shares of the shipping company's stock valued at $85,000 after purchasing an additional 1,165 shares during the last quarter. GAMMA Investing LLC lifted its position in Scorpio Tankers by 206.1% during the second quarter. GAMMA Investing LLC now owns 854 shares of the shipping company's stock valued at $33,000 after purchasing an additional 575 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Scorpio Tankers by 598.3% during the second quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company's stock valued at $13,974,000 after purchasing an additional 305,978 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Stock Up 2.7%

Shares of NYSE STNG opened at $55.57 on Friday. The company has a quick ratio of 4.83, a current ratio of 4.95 and a debt-to-equity ratio of 0.28. Scorpio Tankers Inc. has a 52 week low of $30.63 and a 52 week high of $71.45. The firm's fifty day moving average is $52.66 and its 200 day moving average is $44.39. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 7.57 and a beta of 0.01.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $219.26 million. During the same period in the previous year, the firm earned $3.60 earnings per share. The firm's revenue for the quarter was down 39.5% on a year-over-year basis. On average, equities research analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, August 13th. Scorpio Tankers's payout ratio is presently 21.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Friday, September 12th. Jefferies Financial Group boosted their price objective on shares of Scorpio Tankers from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, September 8th. Bank of America boosted their price objective on shares of Scorpio Tankers from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Scorpio Tankers in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $60.50.

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.

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