Massachusetts Financial Services Co. MA Sells 13,369 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Massachusetts Financial Services Co. MA reduced its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 62.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,115 shares of the shipping company's stock after selling 13,369 shares during the period. Massachusetts Financial Services Co. MA's holdings in Scorpio Tankers were worth $305,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Scorpio Tankers in the 4th quarter worth about $684,000. PNC Financial Services Group Inc. increased its stake in Scorpio Tankers by 40.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock valued at $46,000 after buying an additional 266 shares during the period. Cibc World Markets Corp acquired a new position in Scorpio Tankers during the 4th quarter valued at about $207,000. American Century Companies Inc. boosted its position in shares of Scorpio Tankers by 10.9% during the 4th quarter. American Century Companies Inc. now owns 1,558,402 shares of the shipping company's stock valued at $77,437,000 after purchasing an additional 153,267 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Scorpio Tankers by 22.3% during the 4th quarter. Vanguard Group Inc. now owns 2,511,285 shares of the shipping company's stock valued at $124,786,000 after purchasing an additional 458,120 shares in the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

Scorpio Tankers Stock Performance

Shares of NYSE:STNG traded down $0.52 during trading on Friday, hitting $44.12. 617,295 shares of the stock were exchanged, compared to its average volume of 1,348,734. The company's fifty day simple moving average is $41.91 and its 200-day simple moving average is $41.85. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $77.83. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 4.35 and a beta of -0.04. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.12 and a current ratio of 4.20.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. Scorpio Tankers had a return on equity of 12.30% and a net margin of 48.08%. The firm's revenue was down 45.3% on a year-over-year basis. During the same period last year, the company earned $3.97 EPS. Sell-side analysts expect that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.63%. Scorpio Tankers's dividend payout ratio is 15.76%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Fearnley Fonds raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Jefferies Financial Group reaffirmed a "buy" rating and set a $65.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 1st. Finally, Evercore ISI reduced their price objective 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. Three research 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 company's stock. Based on data from MarketBeat, Scorpio Tankers presently has an average rating of "Moderate Buy" and an average target price 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.