Pacer Advisors Inc. Sells 53,086 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Pacer Advisors cut its Scorpio Tankers stake by 21.1% in the first quarter, selling 53,086 shares and retaining 198,145 shares valued at approximately $14.8 million. Institutional investors collectively own 54.64% of the company.
• Analyst sentiment is mixed, with an average rating of “Hold” and an average price target of $89.57. Targets range from $82 at Morgan Stanley to $100 at BTIG Research.
• Scorpio Tankers reported quarterly earnings of $4.68 per share, exceeding estimates, while revenue rose 77.5% year over year to $408.73 million. The company also declared a quarterly dividend of $0.45 per share, equivalent to a 2.4% annual yield.

Pacer Advisors Inc. lessened its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 21.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 198,145 shares of the shipping company's stock after selling 53,086 shares during the period. Pacer Advisors Inc. owned 0.39% of Scorpio Tankers worth $14,794,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in Scorpio Tankers by 9.3% in the first quarter. Bank of America Corp DE now owns 244,364 shares of the shipping company's stock valued at $18,244,000 after acquiring an additional 20,878 shares during the last quarter. Amundi acquired a new position in shares of Scorpio Tankers in the 1st quarter worth approximately $613,000. EverSource Wealth Advisors LLC boosted its stake in shares of Scorpio Tankers by 12.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,218 shares of the shipping company's stock valued at $240,000 after purchasing an additional 350 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Scorpio Tankers by 20.9% in the 1st quarter. Empowered Funds LLC now owns 240,545 shares of the shipping company's stock valued at $17,959,000 after purchasing an additional 41,516 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Scorpio Tankers by 10.7% during the first quarter. Quantinno Capital Management LP now owns 26,427 shares of the shipping company's stock worth $1,973,000 after buying an additional 2,560 shares during the period. Institutional investors own 54.64% of the company's stock.

Analysts Set New Price Targets

STNG has been the subject of several research analyst reports. Morgan Stanley set a $82.00 price objective on Scorpio Tankers and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. BTIG Research raised their target price on Scorpio Tankers from $85.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Wall Street Zen downgraded Scorpio Tankers from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Scorpio Tankers in a research note on Thursday, June 18th. Finally, Evercore restated an "outperform" rating and set a $94.00 price target on shares of Scorpio Tankers in a report on Wednesday, July 22nd. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $89.57.

Scorpio Tankers Trading Down 1.6%

NYSE:STNG opened at $76.49 on Wednesday. Scorpio Tankers Inc. has a 52 week low of $43.78 and a 52 week high of $87.39. The firm has a 50-day moving average price of $76.75 and a two-hundred day moving average price of $74.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 13.87 and a current ratio of 6.93. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 4.78 and a beta of -0.22.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The shipping company reported $4.68 earnings per share for the quarter, beating the consensus estimate of $4.56 by $0.12. The company had revenue of $408.73 million during the quarter, compared to analyst estimates of $398.25 million. Scorpio Tankers had a net margin of 67.16% and a return on equity of 16.43%. The firm's revenue for the quarter was up 77.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.41 earnings per share. On average, equities analysts expect that Scorpio Tankers Inc. will post 11.2 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, August 17th. Scorpio Tankers's dividend payout ratio is currently 11.24%.

About Scorpio Tankers

Scorpio Tankers Inc NYSE: STNG is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.

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