Rhumbline Advisers Boosts Position in Scorpio Tankers Inc. $STNG

Key Points

• Rhumbline Advisers increased its stake in Scorpio Tankers by 10.7% during the first quarter, adding 8,170 shares to its holdings, bringing their total to 84,174 shares worth approximately $3.16 million.
• The company's quarterly earnings surpassed expectations with an EPS of $1.41, significantly higher than the analyst consensus of $1.03, despite a 39.5% decline in revenue year-over-year.
• Scorpio Tankers announced a quarterly dividend of $0.40 per share, representing an annualized dividend of $1.60 and a dividend yield of 2.6%.

Rhumbline Advisers increased its holdings in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 10.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,174 shares of the shipping company's stock after purchasing an additional 8,170 shares during the period. Rhumbline Advisers owned 0.16% of Scorpio Tankers worth $3,163,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinnacle Holdings LLC acquired a new position in shares of Scorpio Tankers during the first quarter worth about $26,000. Signaturefd LLC lifted its position in Scorpio Tankers by 95.6% in the first quarter. Signaturefd LLC now owns 761 shares of the shipping company's stock worth $29,000 after purchasing an additional 372 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Scorpio Tankers during the 1st quarter valued at $147,000. Rossby Financial LCC acquired a new stake in shares of Scorpio Tankers during the 1st quarter valued at $165,000. Finally, CWM LLC lifted its position in shares of Scorpio Tankers by 180.3% during the 1st quarter. CWM LLC now owns 4,959 shares of the shipping company's stock valued at $186,000 after acquiring an additional 3,190 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Scorpio Tankers Stock Down 1.4%

NYSE STNG traded down $0.83 during trading hours on Friday, reaching $58.85. 1,270,434 shares of the company's stock traded hands, compared to its average volume of 1,066,300. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.95 and a quick ratio of 4.83. The firm has a market cap of $3.00 billion, a PE ratio of 8.02 and a beta of 0.04. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $74.67. The firm has a 50-day simple moving average of $49.20 and a 200 day simple moving average of $42.75.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, topping 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 analyst estimates of $219.26 million. During the same period in the previous year, the business posted $3.60 earnings per share. The business's revenue for the quarter was down 39.5% on a year-over-year basis. Sell-side analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date was Wednesday, August 13th. Scorpio Tankers's payout ratio is 21.80%.

Analyst Upgrades and Downgrades

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