Scorpio Tankers Inc. $STNG Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Scorpio Tankers stake by 27.2%, selling 147,142 shares and retaining 393,531 shares valued at approximately $32.9 million. Institutional investors collectively own 54.64% of the company.
• Analyst sentiment is mixed, with five Buy, five Hold and one Sell rating; the consensus rating is Hold with an average price target of $92.14. BTIG raised its target to $110 and maintained a Buy rating.
• Scorpio Tankers reported stronger-than-expected quarterly results, including $4.68 EPS and $408.73 million in revenue, while insiders sold 420,133 shares worth $36.6 million. The company also pays a quarterly dividend of $0.45 per share, equivalent to a 2.2% yield.

Assenagon Asset Management S.A. lowered its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 27.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 393,531 shares of the shipping company's stock after selling 147,142 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.78% of Scorpio Tankers worth $32,939,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Sei Investments Co. grew its stake in Scorpio Tankers by 47.5% in the 1st quarter. Sei Investments Co. now owns 118,751 shares of the shipping company's stock valued at $8,865,000 after buying an additional 38,216 shares during the last quarter. Navellier & Associates Inc. lifted its position in Scorpio Tankers by 141.7% during the 2nd quarter. Navellier & Associates Inc. now owns 38,960 shares of the shipping company's stock worth $2,698,000 after acquiring an additional 22,839 shares during the last quarter. Jennison Associates LLC acquired a new position in Scorpio Tankers during the 1st quarter worth $1,161,000. Integrated Advisors Network LLC acquired a new position in Scorpio Tankers during the 1st quarter worth $2,527,000. Finally, Bank of America Corp DE lifted its position in Scorpio Tankers by 9.3% during the 1st quarter. Bank of America Corp DE now owns 244,364 shares of the shipping company's stock worth $18,244,000 after acquiring an additional 20,878 shares during the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on STNG shares. Bank of America restated an "underperform" rating on shares of Scorpio Tankers in a report on Tuesday, September 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Scorpio Tankers in a research note on Monday, September 14th. Evercore reissued an "outperform" rating and set a $94.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, July 22nd. BTIG Research boosted their price objective on Scorpio Tankers from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, September 18th. Finally, Jefferies Financial Group restated a "buy" rating and set a $100.00 target price on shares of Scorpio Tankers in a research note on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Scorpio Tankers has a consensus rating of "Hold" and an average price target of $92.14.

Insider Transactions at Scorpio Tankers

In other news, COO Cameron Mackey sold 125,000 shares of the business's stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $89.03, for a total transaction of $11,128,750.00. Following the sale, the chief operating officer directly owned 739,531 shares in the company, valued at approximately $65,840,444.93. The trade was a 14.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Christopher Avella sold 56,500 shares of Scorpio Tankers stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $86.57, for a total transaction of $4,891,205.00. Following the sale, the chief financial officer owned 178,834 shares in the company, valued at $15,481,659.38. This represents a 24.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 420,133 shares of company stock worth $36,611,311 over the last quarter. 7.34% of the stock is owned by company insiders.

Scorpio Tankers Price Performance

Shares of Scorpio Tankers stock opened at $81.28 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 6.93 and a quick ratio of 6.89. The company has a market cap of $4.10 billion, a PE ratio of 5.08 and a beta of -0.17. The firm has a fifty day moving average price of $82.15 and a two-hundred day moving average price of $79.19. Scorpio Tankers Inc. has a fifty-two week low of $48.93 and a fifty-two week high of $90.06.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The shipping company reported $4.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.56 by $0.12. The company had revenue of $408.73 million for the quarter, compared to the consensus estimate of $398.25 million. Scorpio Tankers had a net margin of 67.16% and a return on equity of 16.43%. The business's revenue was up 77.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 EPS. Analysts expect that Scorpio Tankers Inc. will post 11.28 EPS for the current year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Monday, August 17th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 17th. Scorpio Tankers's dividend payout ratio (DPR) is presently 11.24%.

About Scorpio Tankers

Scorpio Tankers Inc is a marine transportation company that owns, leases and operates a fleet of product tankers. The company primarily transports refined petroleum products, including gasoline, diesel, jet fuel and heating oil, as well as certain petrochemical products.

Its vessels serve international energy markets by carrying clean petroleum products between refineries, storage terminals and regional distribution centers. Scorpio Tankers operates across major global shipping routes and serves customers in the oil trading, refining and energy industries.

Founded in 2009, Scorpio Tankers became a publicly traded company on the New York Stock Exchange in 2010.

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