Vanguard Group Inc. Buys 167,218 Shares of Scorpio Tankers Inc. $STNG

Key Points

• Vanguard Group Inc. increased its stake in Scorpio Tankers Inc. by 6.7% to approximately $100.66 million, owning over 2.67 million shares as of the latest SEC filing.
• Scorpio Tankers reported $1.41 earnings per share for the last quarter, exceeding analyst expectations significantly, although their revenue dropped by 39.5% year-over-year.
• The company announced a quarterly $0.40 dividend set to be paid on August 29th, with an annualized yield of 3.3%.

Vanguard Group Inc. lifted its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,678,503 shares of the shipping company's stock after acquiring an additional 167,218 shares during the quarter. Vanguard Group Inc. owned 5.25% of Scorpio Tankers worth $100,658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Moors & Cabot Inc. raised its holdings in shares of Scorpio Tankers by 12.6% during the first quarter. Moors & Cabot Inc. now owns 13,400 shares of the shipping company's stock worth $504,000 after acquiring an additional 1,500 shares in the last quarter. TCW Group Inc. raised its holdings in Scorpio Tankers by 1.2% during the first quarter. TCW Group Inc. now owns 192,892 shares of the shipping company's stock valued at $7,249,000 after buying an additional 2,200 shares in the last quarter. Pacer Advisors Inc. bought a new position in Scorpio Tankers during the first quarter valued at about $19,471,000. Royce & Associates LP raised its holdings in Scorpio Tankers by 9.0% during the first quarter. Royce & Associates LP now owns 218,478 shares of the shipping company's stock valued at $8,210,000 after buying an additional 17,980 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in shares of Scorpio Tankers by 42.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 38,610 shares of the shipping company's stock worth $1,451,000 after purchasing an additional 11,420 shares during the period. Institutional investors and hedge funds own 54.64% of the company's stock.

Scorpio Tankers Stock Performance

STNG traded up $0.13 on Thursday, hitting $49.90. 627,018 shares of the stock traded hands, compared to its average volume of 1,032,241. Scorpio Tankers Inc. has a 52 week low of $30.63 and a 52 week high of $74.67. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $2.55 billion, a PE ratio of 6.80 and a beta of -0.03. The business has a fifty day moving average price of $44.69 and a two-hundred day moving average price of $41.26.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (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 for the quarter, compared to analyst estimates of $219.26 million. During the same period in the previous year, the company posted $3.60 earnings per share. The company's quarterly revenue was down 39.5% compared to the same quarter last year. On average, research analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Wednesday, August 13th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, August 13th. Scorpio Tankers's payout ratio is currently 21.80%.

Analyst Ratings Changes

A number of research firms have recently commented on STNG. Fearnley Fonds upgraded Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research note on Wednesday, July 30th. Finally, Evercore ISI dropped their price objective on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

About Scorpio Tankers

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.