Pallas Capital Advisors LLC Invests $384,000 in Scorpio Tankers Inc. $STNG

Key Points

• Pallas Capital Advisors LLC acquired a new stake in Scorpio Tankers by purchasing 9,803 shares, valued at approximately $384,000, in the second quarter.
• Analysts are optimistic about Scorpio Tankers, with Bank of America upgrading the stock from "neutral" to "buy" and raising the target price from $49 to $60.
• The company announced a quarterly dividend of $0.40, resulting in an annualized yield of 2.7% with a payout ratio of 21.80%.

Pallas Capital Advisors LLC purchased a new position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,803 shares of the shipping company's stock, valued at approximately $384,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Signaturefd LLC boosted its holdings in Scorpio Tankers by 95.6% during the first quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock worth $29,000 after buying an additional 372 shares in the last quarter. Pinnacle Holdings LLC acquired a new stake in Scorpio Tankers during the 1st quarter valued at $26,000. Vident Advisory LLC raised its position in shares of Scorpio Tankers by 5.8% in the fourth quarter. Vident Advisory LLC now owns 14,955 shares of the shipping company's stock valued at $743,000 after buying an additional 818 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Scorpio Tankers by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,500 shares of the shipping company's stock valued at $996,000 after buying an additional 1,144 shares during the last quarter. Finally, Moors & Cabot Inc. raised its position in shares of Scorpio Tankers by 12.6% in the first quarter. Moors & Cabot Inc. now owns 13,400 shares of the shipping company's stock valued at $504,000 after buying an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Scorpio Tankers Stock Down 1.6%

Shares of STNG stock traded down $0.95 during trading on Monday, hitting $57.86. 619,161 shares of the company were exchanged, compared to its average volume of 1,079,629. The company has a debt-to-equity ratio of 0.28, a quick ratio of 4.83 and a current ratio of 4.95. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 12.20 and a beta of 0.03. The business's 50-day simple moving average is $49.44 and its 200 day simple moving average is $42.93. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $74.67.

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

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Wednesday, August 13th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Scorpio Tankers's dividend payout ratio is presently 21.80%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America raised shares of Scorpio Tankers from a "neutral" rating to a "buy" rating and upped their price target for the stock from $49.00 to $60.00 in a research report on Monday, September 8th. Zacks Research upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 12th. Finally, Jefferies Financial Group boosted their target price on shares of Scorpio Tankers from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Scorpio Tankers currently has a consensus rating of "Buy" and a consensus price target of $59.00.

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.