LM Asset IM Inc. Takes $1.99 Million Position in Scorpio Tankers Inc. (NYSE:STNG)

LM Asset IM Inc. acquired a new stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 40,000 shares of the shipping company's stock, valued at approximately $1,988,000. Scorpio Tankers makes up about 1.8% of LM Asset IM Inc.'s portfolio, making the stock its 7th biggest holding. LM Asset IM Inc. owned 0.08% of Scorpio Tankers as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC boosted its position in Scorpio Tankers by 873.6% during the third quarter. Barclays PLC now owns 188,195 shares of the shipping company's stock worth $13,418,000 after purchasing an additional 168,866 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Scorpio Tankers during the fourth quarter worth approximately $249,000. Exchange Traded Concepts LLC acquired a new position in shares of Scorpio Tankers in the fourth quarter valued at approximately $303,000. Blue Trust Inc. increased its stake in shares of Scorpio Tankers by 102.3% during the fourth quarter. Blue Trust Inc. now owns 6,631 shares of the shipping company's stock worth $329,000 after purchasing an additional 3,354 shares during the period. Finally, EMC Capital Management lifted its holdings in Scorpio Tankers by 61.5% during the 4th quarter. EMC Capital Management now owns 2,717 shares of the shipping company's stock worth $135,000 after purchasing an additional 1,035 shares during the last quarter. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Stock Up 0.8%

Shares of NYSE:STNG traded up $0.30 during trading on Thursday, reaching $39.78. 150,712 shares of the stock were exchanged, compared to its average volume of 895,497. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $84.67. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 3.05 and a beta of -0.12. The stock has a fifty day moving average of $37.83 and a two-hundred day moving average of $44.26. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.32. The firm had revenue of $204.20 million for the quarter, compared to analysts' expectations of $205.89 million. Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. The company's revenue was down 45.3% on a year-over-year basis. During the same period in the prior year, the business posted $3.97 earnings per share. Research analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.02%. Scorpio Tankers's dividend payout ratio is currently 15.76%.

Analysts Set New Price Targets

STNG has been the subject of several recent research reports. Jefferies Financial Group reiterated a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a research note on Thursday, May 1st. Stifel Nicolaus decreased their price target on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating on the stock in a research report on Friday, February 14th. Fearnley Fonds upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Evercore ISI cut their price target on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Scorpio Tankers presently has an average rating of "Moderate Buy" and a consensus price target of $60.50.

Scorpio Tankers Company 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.