Martingale Asset Management L P Sells 63,009 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Martingale Asset Management L P reduced its stake in Scorpio Tankers Inc. by 89.8%, selling 63,009 shares and now holding only 7,130 shares valued at $268,000.
• Hsbc Holdings PLC significantly increased its stake in Scorpio Tankers by 161.4%, acquiring 27,879 shares, while other institutional investors also made notable adjustments to their holdings.
• Scorpio Tankers announced a quarterly dividend of $0.40 per share, reflecting an annualized yield of 3.3%, with the company reporting quarterly earnings of $1.41 EPS exceeding estimates.

Martingale Asset Management L P cut its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 89.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,130 shares of the shipping company's stock after selling 63,009 shares during the period. Martingale Asset Management L P's holdings in Scorpio Tankers were worth $268,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Hsbc Holdings PLC raised its stake in shares of Scorpio Tankers by 161.4% in the first quarter. Hsbc Holdings PLC now owns 45,155 shares of the shipping company's stock worth $1,720,000 after acquiring an additional 27,879 shares during the last quarter. Northern Trust Corp raised its stake in shares of Scorpio Tankers by 3.8% in the first quarter. Northern Trust Corp now owns 466,928 shares of the shipping company's stock worth $17,547,000 after acquiring an additional 17,186 shares during the last quarter. Pinnacle Holdings LLC bought a new position in shares of Scorpio Tankers in the first quarter worth about $26,000. American Century Companies Inc. raised its stake in shares of Scorpio Tankers by 4.3% in the first quarter. American Century Companies Inc. now owns 1,625,131 shares of the shipping company's stock worth $61,072,000 after acquiring an additional 66,729 shares during the last quarter. Finally, Tejara Capital Ltd raised its stake in shares of Scorpio Tankers by 233.8% in the first quarter. Tejara Capital Ltd now owns 81,103 shares of the shipping company's stock worth $3,048,000 after acquiring an additional 56,803 shares during the last quarter. 54.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on STNG. Jefferies Financial Group reaffirmed a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a research note 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 research note on Friday, May 2nd. Finally, Fearnley Fonds upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.50.

Scorpio Tankers Stock Down 0.5%

Shares of NYSE:STNG opened at $48.73 on Tuesday. Scorpio Tankers Inc. has a one year low of $30.63 and a one year high of $74.67. The company has a 50 day moving average of $44.37 and a 200-day moving average of $41.13. 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 stock has a market cap of $2.49 billion, a price-to-earnings ratio of 6.64 and a beta of -0.03.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $219.26 million. During the same quarter in the previous year, the company earned $3.60 EPS. Scorpio Tankers's revenue was down 39.5% on a year-over-year basis. On average, sell-side analysts forecast that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. Scorpio Tankers's payout ratio is currently 21.80%.

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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