Scorpio Tankers Inc. (NYSE:STNG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 62.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Scorpio Tankers in the 4th quarter worth approximately $30,374,000. Rhumbline Advisers lifted its position in shares of Scorpio Tankers by 10.7% in the first quarter. Rhumbline Advisers now owns 84,174 shares of the shipping company's stock worth $3,163,000 after buying an additional 8,170 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Scorpio Tankers in the fourth quarter worth about $684,000. Allspring Global Investments Holdings LLC raised its position in Scorpio Tankers by 24.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 15,114 shares of the shipping company's stock valued at $576,000 after purchasing an additional 2,971 shares during the period. Finally, American Century Companies Inc. grew its stake in Scorpio Tankers by 10.9% in the fourth quarter. American Century Companies Inc. now owns 1,558,402 shares of the shipping company's stock worth $77,437,000 after purchasing an additional 153,267 shares in the last quarter. 54.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

STNG has been the topic of several research analyst reports. Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Evercore ISI lowered 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, Jefferies Financial Group reaffirmed a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Scorpio Tankers Stock Performance

Scorpio Tankers stock traded down $0.22 during midday trading on Thursday, reaching $44.53. The stock had a trading volume of 405,310 shares, compared to its average volume of 1,052,823. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $77.83. The firm's 50-day moving average price is $41.81 and its 200 day moving average price is $41.93. The firm has a market capitalization of $2.27 billion, a PE ratio of 4.38 and a beta of -0.04. The company has a quick ratio of 4.12, a current ratio of 4.20 and a debt-to-equity ratio of 0.30.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its 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 during 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%. Scorpio Tankers's revenue for the quarter was down 45.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.97 earnings per share. As a group, research analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.59%. Scorpio Tankers's dividend payout ratio is presently 15.76%.

Scorpio Tankers 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.