Northern Trust Corp Boosts Stake in Scorpio Tankers Inc. $STNG

Key Points

• Northern Trust Corp increased its stake in Scorpio Tankers Inc. by 3.8%, purchasing an additional 17,186 shares, bringing its total ownership to 466,928 shares valued at $17.5 million.
• Scorpio Tankers reported earnings of $1.41 per share for the last quarter, exceeding expectations, but its revenue decreased by 39.5% year-over-year.
• The company declared a quarterly dividend of $0.40 per share, resulting in a 3.2% yield, with a payout ratio currently at 21.80%.

Northern Trust Corp boosted its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 466,928 shares of the shipping company's stock after purchasing an additional 17,186 shares during the period. Northern Trust Corp owned about 0.92% of Scorpio Tankers worth $17,547,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Scorpio Tankers by 6.7% during the first quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company's stock valued at $100,658,000 after purchasing an additional 167,218 shares in the last quarter. American Century Companies Inc. lifted its position in Scorpio Tankers by 4.3% during the first quarter. American Century Companies Inc. now owns 1,625,131 shares of the shipping company's stock valued at $61,072,000 after purchasing an additional 66,729 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Scorpio Tankers during the first quarter valued at $19,471,000. Balyasny Asset Management L.P. purchased a new stake in shares of Scorpio Tankers in the fourth quarter worth $14,426,000. Finally, Victory Capital Management Inc. increased its stake in shares of Scorpio Tankers by 78.0% in the first quarter. Victory Capital Management Inc. now owns 253,966 shares of the shipping company's stock worth $9,544,000 after purchasing an additional 111,270 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Price Performance

NYSE:STNG traded up $1.54 on Friday, reaching $52.98. 866,927 shares of the company's stock traded hands, compared to its average volume of 893,832. The company has a quick ratio of 4.83, a current ratio of 4.95 and a debt-to-equity ratio of 0.28. The stock has a 50-day simple moving average of $45.88 and a 200-day simple moving average of $41.48. The firm has a market cap of $2.70 billion, a PE ratio of 7.22 and a beta of 0.03. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $74.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.38. The business had revenue of $222.76 million for the quarter, compared to analysts' expectations of $219.26 million. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The business's quarterly revenue was down 39.5% on a year-over-year basis. During the same period last year, the firm earned $3.60 earnings per share. Equities research analysts forecast that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. Scorpio Tankers's dividend payout ratio (DPR) is currently 21.80%.

Analyst Ratings Changes

Separately, Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Scorpio Tankers presently has a consensus rating of "Moderate Buy" and a consensus 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.