Sprott Inc. Makes New Investment in Scorpio Tankers Inc. $STNG

Key Points

• Sprott Inc. has acquired 20,040 shares of Scorpio Tankers Inc. valued at approximately $753,000 during the first quarter, indicating significant interest from institutional investors in the shipping sector.
• Scorpio Tankers reported earnings of $1.41 per share for the last quarter, exceeding analysts' expectations of $1.03, despite a 39.5% decline in revenue compared to the same quarter last year.
• The firm has announced a quarterly dividend of $0.40 per share, which translates to an annualized dividend yield of 3.3%, highlighting a continued commitment to returning value to shareholders.

Sprott Inc. bought a new stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,040 shares of the shipping company's stock, valued at approximately $753,000.

A number of other large investors have also added to or reduced their stakes in STNG. Pinnacle Holdings LLC purchased a new position in Scorpio Tankers during the 1st quarter valued at about $26,000. Signaturefd LLC raised its stake in shares of 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 acquiring an additional 372 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Scorpio Tankers during the first quarter worth approximately $147,000. Rossby Financial LCC bought a new stake in Scorpio Tankers in the 1st quarter worth $165,000. Finally, CWM LLC boosted its holdings in Scorpio Tankers by 180.3% in the first 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 in the last quarter. Hedge funds and other institutional investors own 54.64% of the company's stock.

Scorpio Tankers Price Performance

NYSE STNG traded down $0.24 during mid-day trading on Monday, hitting $48.73. The stock had a trading volume of 509,097 shares, compared to its average volume of 1,052,433. The firm's 50 day moving average is $44.37 and its 200 day moving average is $41.13. 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 stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 6.64 and a beta of -0.03.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the company earned $3.60 EPS. The firm's revenue was down 39.5% compared to the same quarter last year. Equities research analysts forecast that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.3%. Scorpio Tankers's dividend payout ratio is currently 21.80%.

Wall Street Analyst Weigh In

STNG has been the topic of a number of recent analyst reports. Fearnley Fonds raised Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 target price on shares of Scorpio Tankers in a report on Wednesday, July 30th. Finally, Evercore ISI dropped their price objective on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Scorpio Tankers has a consensus rating of "Moderate Buy" and a consensus 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.