Voloridge Investment Management LLC Reduces Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Voloridge Investment Management LLC reduced its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 590,983 shares of the shipping company's stock after selling 12,842 shares during the quarter. Voloridge Investment Management LLC owned about 1.17% of Scorpio Tankers worth $29,366,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Norges Bank purchased a new stake in Scorpio Tankers during the 4th quarter valued at approximately $30,374,000. Barclays PLC increased its holdings in shares of Scorpio Tankers by 873.6% in the third quarter. Barclays PLC now owns 188,195 shares of the shipping company's stock valued at $13,418,000 after purchasing an additional 168,866 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Scorpio Tankers during the fourth quarter worth approximately $684,000. Savant Capital LLC acquired a new stake in shares of Scorpio Tankers during the fourth quarter worth $346,000. Finally, Principal Financial Group Inc. grew its position in Scorpio Tankers by 9.6% in the 4th quarter. Principal Financial Group Inc. now owns 45,377 shares of the shipping company's stock valued at $2,255,000 after buying an additional 3,961 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STNG has been the subject of a number of analyst reports. Stifel Nicolaus cut their price objective on shares of Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating for the company in a research report on Friday, February 14th. Fearnley Fonds raised shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 6th. Jefferies Financial Group reiterated a "buy" rating and set a $65.00 target price on shares of Scorpio Tankers in a research report on Thursday, May 1st. Finally, Evercore ISI reduced their price target on Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $60.50.

Scorpio Tankers Price Performance

STNG stock traded up $0.83 during trading on Tuesday, reaching $40.88. 68,499 shares of the company were exchanged, compared to its average volume of 894,692. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43. The stock's 50 day moving average price is $37.86 and its 200 day moving average price is $44.32. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $84.67. The company has a market cap of $2.09 billion, a P/E ratio of 3.13 and a beta of -0.12.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. The company's quarterly revenue was down 45.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.97 EPS. As a group, analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.91%. Scorpio Tankers's payout ratio is 15.76%.

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.