LSV Asset Management Lowers Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Key Points

• LSV Asset Management has reduced its stake in Scorpio Tankers Inc. by 6.2%, now holding about 3.56% of the company with a total of 1,815,309 shares worth approximately $68.2 million.
• Several institutional investors, including FMR LLC and Vanguard Group Inc., have increased their holdings in Scorpio Tankers, indicating strong institutional interest in the company.
• Scorpio Tankers reported earnings of $1.41 per share in its latest quarter, exceeding analyst expectations, despite a year-over-year revenue decline of 39.5% to $222.76 million.

LSV Asset Management trimmed its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,815,309 shares of the shipping company's stock after selling 120,800 shares during the period. LSV Asset Management owned approximately 3.56% of Scorpio Tankers worth $68,219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Moors & Cabot Inc. increased its holdings in shares of Scorpio Tankers by 12.6% during the 1st quarter. Moors & Cabot Inc. now owns 13,400 shares of the shipping company's stock valued at $504,000 after purchasing an additional 1,500 shares in the last quarter. TCW Group Inc. increased its holdings in shares of Scorpio Tankers by 1.2% during the 1st quarter. TCW Group Inc. now owns 192,892 shares of the shipping company's stock valued at $7,249,000 after purchasing an additional 2,200 shares in the last quarter. Pacer Advisors Inc. purchased a new position in shares of Scorpio Tankers during the 1st quarter valued at approximately $19,471,000. Royce & Associates LP increased its holdings in shares of Scorpio Tankers by 9.0% during the 1st quarter. Royce & Associates LP now owns 218,478 shares of the shipping company's stock valued at $8,210,000 after purchasing an additional 17,980 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in Scorpio Tankers by 42.0% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 38,610 shares of the shipping company's stock worth $1,451,000 after acquiring an additional 11,420 shares in the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Scorpio Tankers Stock Down 1.7%

Shares of STNG traded down $0.81 during mid-day trading on Thursday, hitting $46.80. 94,923 shares of the company's stock were exchanged, compared to its average volume of 1,058,800. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 6.38 and a beta of -0.03. Scorpio Tankers Inc. has a fifty-two week low of $30.63 and a fifty-two week high of $75.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95. The stock's 50-day moving average is $42.87 and its 200-day moving average is $41.40.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $219.26 million. During the same quarter last year, the company 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, sell-side analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.4%. Scorpio Tankers's dividend payout ratio (DPR) is presently 21.80%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on STNG shares. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a report on Wednesday, July 30th. Evercore ISI dropped their target price 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. Finally, Fearnley Fonds raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Scorpio Tankers has a consensus rating of "Moderate Buy" and an average target price 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.