Invesco Ltd. Buys 20,764 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Invesco Ltd. increased its stake in Scorpio Tankers Inc. by 17.8% during the first quarter, now owning 137,600 shares valued at approximately $5.17 million.
• Scorpio Tankers' stock received multiple upgrades from analysts, with a consensus rating of "Moderate Buy" and an average price target of $60.50.
• The company reported a Q2 EPS of $1.41, exceeding expectations, despite a significant drop in revenue of 39.5% year-over-year.

Invesco Ltd. increased its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,600 shares of the shipping company's stock after purchasing an additional 20,764 shares during the period. Invesco Ltd. owned approximately 0.27% of Scorpio Tankers worth $5,171,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in Scorpio Tankers by 21.4% during the 4th quarter. Legal & General Group Plc now owns 8,978 shares of the shipping company's stock worth $446,000 after acquiring an additional 1,583 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Scorpio Tankers in the fourth quarter worth $684,000. Tower Research Capital LLC TRC raised its holdings in Scorpio Tankers by 1,652.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,626 shares of the shipping company's stock worth $230,000 after purchasing an additional 4,362 shares during the period. Stifel Financial Corp grew its holdings in shares of Scorpio Tankers by 83.0% in the 4th quarter. Stifel Financial Corp now owns 9,857 shares of the shipping company's stock valued at $490,000 after buying an additional 4,470 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Scorpio Tankers by 12.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,820 shares of the shipping company's stock valued at $4,614,000 after buying an additional 10,016 shares during the period. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Stock Up 1.1%

NYSE:STNG traded up $0.55 during trading hours on Friday, reaching $50.44. 1,296,939 shares of the stock were exchanged, compared to its average volume of 984,834. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $74.67. 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 50 day moving average of $44.84 and a 200 day moving average of $41.23. The stock has a market cap of $2.57 billion, a PE ratio of 6.87 and a beta of -0.03.

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

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were given 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 3.2%. Scorpio Tankers's dividend payout ratio is 21.80%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STNG. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price target on shares of Scorpio Tankers in a report on Wednesday, July 30th. Evercore ISI decreased their price target on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Scorpio Tankers has an average rating of "Moderate Buy" and an average price target of $60.50.

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.