Wealth Enhancement Advisory Services LLC Acquires New Holdings in Scorpio Tankers Inc. $STNG

Key Points

• Wealth Enhancement Advisory Services LLC has acquired a new stake in Scorpio Tankers Inc., purchasing 21,684 shares valued at approximately $920,000 in the 2nd quarter.
• Multiple institutional investors, including Pacer Advisors Inc. and Vanguard Group Inc., have also made significant investments in Scorpio Tankers, reflecting growing interest in the company.
• Analysts have upgraded Scorpio Tankers, with Zacks Research changing the rating to strong-buy and Bank of America increasing the price target from $60.00 to $66.00.

Wealth Enhancement Advisory Services LLC acquired a new stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 21,684 shares of the shipping company's stock, valued at approximately $920,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STNG. Pacer Advisors Inc. bought a new position in Scorpio Tankers in the 1st quarter valued at approximately $19,471,000. Vanguard Group Inc. lifted its stake in Scorpio Tankers by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company's stock valued at $100,658,000 after purchasing an additional 167,218 shares during the last quarter. Nuveen LLC bought a new position in Scorpio Tankers in the 1st quarter valued at approximately $4,666,000. AQR Capital Management LLC increased its position in Scorpio Tankers by 55.1% in the 1st quarter. AQR Capital Management LLC now owns 334,858 shares of the shipping company's stock valued at $12,584,000 after acquiring an additional 119,000 shares during the period. Finally, Victory Capital Management Inc. increased its position in Scorpio Tankers by 78.0% in the 1st quarter. Victory Capital Management Inc. now owns 253,966 shares of the shipping company's stock valued at $9,544,000 after acquiring an additional 111,270 shares during the period. Institutional investors own 54.64% of the company's stock.

Analyst Upgrades and Downgrades

STNG has been the subject of several recent research reports. Zacks Research upgraded shares of Scorpio Tankers from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 12th. Bank of America upped their price target on shares of Scorpio Tankers from $60.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Jefferies Financial Group upped their price target on shares of Scorpio Tankers from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $60.50.

Scorpio Tankers Trading Down 0.4%

STNG opened at $56.33 on Friday. The company has a quick ratio of 4.83, a current ratio of 4.95 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.87 billion, a PE ratio of 7.67 and a beta of 0.01. The company has a fifty day moving average of $51.61 and a 200-day moving average of $43.88. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $74.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.38. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. The firm had revenue of $222.76 million for the quarter, compared to analyst estimates of $219.26 million. During the same period last year, the firm earned $3.60 earnings per share. The business's quarterly revenue was down 39.5% compared to the same quarter last year. On average, sell-side analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Wednesday, August 13th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Wednesday, August 13th. Scorpio Tankers's dividend payout ratio (DPR) is 21.80%.

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.

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