Scorpio Tankers Inc. $STNG Stock: Private Management Group Inc. Reduces Stake

Key Points

• Private Management Group cut its Scorpio Tankers stake by 14.1%, selling 29,236 shares and retaining 178,034 shares valued at about $14.9 million. Institutional investors collectively own 54.64% of the company.
• Scorpio Tankers beat quarterly estimates, reporting EPS of $2.49 versus $2.06 expected and revenue of $266.47 million, up 10.4% year over year. It also raised its quarterly dividend from $0.45 to $0.75 per share.
• Company insiders sold a combined 654,770 shares during the quarter. Analysts’ average rating was “Moderate Buy,” with an average price target of $109.56.

Private Management Group Inc. lowered its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 14.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,034 shares of the shipping company's stock after selling 29,236 shares during the quarter. Private Management Group Inc. owned approximately 0.35% of Scorpio Tankers worth $14,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Scorpio Tankers by 9.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 388,522 shares of the shipping company's stock worth $33,331,000 after acquiring an additional 32,484 shares during the last quarter. Chicago Partners Investment Group LLC bought a new position in shares of Scorpio Tankers during the 3rd quarter valued at $219,000. Covestor Ltd grew its holdings in shares of Scorpio Tankers by 73.5% during the 3rd quarter. Covestor Ltd now owns 1,017 shares of the shipping company's stock valued at $85,000 after purchasing an additional 431 shares during the last quarter. Gallacher Capital Management LLC bought a new position in shares of Scorpio Tankers during the 3rd quarter valued at $422,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Scorpio Tankers in the 3rd quarter worth $1,038,000. Hedge funds and other institutional investors own 54.64% of the company's stock.

Scorpio Tankers Stock Performance

Shares of NYSE:STNG opened at $79.70 on Tuesday. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 7.20, a price-to-earnings-growth ratio of 1.74 and a beta of -0.10. The company has a 50-day moving average price of $84.41 and a 200-day moving average price of $77.54. The company has a current ratio of 20.65, a quick ratio of 20.59 and a debt-to-equity ratio of 0.14. Scorpio Tankers Inc. has a 12 month low of $48.93 and a 12 month high of $95.60.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its earnings results on Wednesday, October 28th. The shipping company reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.43. Scorpio Tankers had a return on equity of 17.06% and a net margin of 77.07%. The company had revenue of $266.47 million for the quarter, compared to analysts' expectations of $243.98 million. During the same period last year, the firm earned $1.49 earnings per share. Scorpio Tankers's quarterly revenue was up 10.4% on a year-over-year basis. As a group, equities analysts anticipate that Scorpio Tankers Inc. will post 15.59 EPS for the current year.

Scorpio Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 13th will be given a $0.75 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from Scorpio Tankers's previous quarterly dividend of $0.45. Scorpio Tankers's dividend payout ratio is 9.53%.

Insider Transactions at Scorpio Tankers

In related news, CEO Emanuele Lauro sold 234,637 shares of the company's stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $92.88, for a total transaction of $21,793,084.56. Following the completion of the transaction, the chief executive officer owned 913,162 shares in the company, valued at $84,814,486.56. This represents a 20.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Robert L. Bugbee sold 231,799 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $86.19, for a total value of $19,978,755.81. Following the transaction, the president owned 665,288 shares of the company's stock, valued at approximately $57,341,172.72. This represents a 25.84% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 654,770 shares of company stock worth $58,404,395. Corporate insiders own 7.34% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Evercore set a $105.00 price target on shares of Scorpio Tankers in a research note on Monday, November 2nd. Needham & Company LLC set a $130.00 price objective on Scorpio Tankers in a research note on Thursday, October 29th. Wall Street Zen downgraded Scorpio Tankers from a "strong-buy" rating to a "buy" rating in a report on Tuesday, July 14th. Truist Financial set a $130.00 price objective on Scorpio Tankers in a report on Thursday, October 29th. Finally, Zacks Research raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Scorpio Tankers currently has an average rating of "Moderate Buy" and an average price target of $109.56.

Scorpio Tankers Profile

Scorpio Tankers Inc is a marine transportation company focused on moving refined petroleum products around the world. Its product tankers carry cargoes such as gasoline, diesel, jet fuel and naphtha between refineries, storage facilities and end markets.

The company serves international shipping routes, connecting major refining and consumption regions. Its fleet includes medium-range and larger product tankers designed to transport petroleum products across regional and long-distance routes.

Scorpio Tankers was founded in 2009 and is headquartered in Monaco.

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