Hsbc Holdings PLC Decreases Stock Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Hsbc Holdings PLC trimmed its position in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 40.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,276 shares of the shipping company's stock after selling 11,667 shares during the quarter. Hsbc Holdings PLC's holdings in Scorpio Tankers were worth $863,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of STNG. Assenagon Asset Management S.A. grew its holdings in shares of Scorpio Tankers by 882.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company's stock valued at $10,020,000 after purchasing an additional 181,135 shares in the last quarter. Norges Bank acquired a new position in Scorpio Tankers during the 4th quarter worth $30,374,000. Barclays PLC raised its holdings in shares of Scorpio Tankers by 873.6% in the 3rd 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 in the last quarter. Raymond James Financial Inc. acquired a new position in Scorpio Tankers in the fourth quarter valued at approximately $684,000. Finally, Savant Capital LLC acquired a new stake in Scorpio Tankers during the fourth quarter worth approximately $346,000. 54.64% of the stock is owned by institutional investors and hedge funds.

Scorpio Tankers Stock Performance

Scorpio Tankers stock traded down $0.60 during mid-day trading on Wednesday, reaching $40.08. 964,867 shares of the company were exchanged, compared to its average volume of 904,307. The firm's 50-day simple moving average is $37.41 and its two-hundred day simple moving average is $46.22. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $84.67. The firm has a market cap of $2.04 billion, a PE ratio of 3.07 and a beta of -0.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.32. The firm had revenue of $204.20 million for the quarter, compared to analyst estimates of $205.89 million. Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. Scorpio Tankers's quarterly revenue was down 45.3% on a year-over-year basis. During the same period last year, the firm posted $3.97 EPS. Equities 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 disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a $0.40 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.99%. Scorpio Tankers's payout ratio is currently 15.76%.

Analyst Ratings Changes

Several brokerages have recently issued reports on STNG. Evercore ISI lowered their target price on shares of Scorpio Tankers from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Stifel Nicolaus dropped their price objective on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating on the stock in a report on Friday, February 14th. Finally, 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. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target 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.