Nuveen Asset Management LLC Lowers Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Nuveen Asset Management LLC lessened its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 46.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 94,243 shares of the shipping company's stock after selling 82,645 shares during the period. Nuveen Asset Management LLC owned approximately 0.19% of Scorpio Tankers worth $4,683,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in STNG. Lindbrook Capital LLC grew its holdings in Scorpio Tankers by 75.8% during the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock worth $30,000 after acquiring an additional 263 shares during the period. Covestor Ltd boosted its position in shares of Scorpio Tankers by 1,375.0% during the 4th quarter. Covestor Ltd now owns 826 shares of the shipping company's stock worth $41,000 after purchasing an additional 770 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Scorpio Tankers by 40.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock worth $46,000 after purchasing an additional 266 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Scorpio Tankers by 850.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company's stock valued at $49,000 after purchasing an additional 876 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Scorpio Tankers in the 4th quarter valued at about $99,000. Hedge funds and other institutional investors own 54.64% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on STNG. Jefferies Financial Group reissued a "buy" rating and set a $65.00 price target on shares of Scorpio Tankers in a research note on Thursday, May 1st. Evercore ISI reduced their price objective on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Fearnley Fonds raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Finally, Stifel Nicolaus dropped their price target on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating for the company in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Scorpio Tankers Price Performance

NYSE:STNG traded up $0.55 during trading hours on Wednesday, reaching $40.63. 94,674 shares of the company traded hands, compared to its average volume of 895,691. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $84.67. The stock has a market cap of $2.07 billion, a P/E ratio of 3.12 and a beta of -0.12. The firm's 50-day moving average is $37.89 and its 200-day moving average is $43.80. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.32. Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. The business had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. During the same quarter last year, the company earned $3.97 earnings per share. The business's revenue for the quarter was down 45.3% compared to the same quarter last year. Equities research analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.94%. Scorpio Tankers's dividend payout ratio (DPR) is presently 15.76%.

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.