Scorpio Tankers Inc. (NYSE:STNG) Shares Sold by Citigroup Inc.

Citigroup Inc. cut its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 88.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,859 shares of the shipping company's stock after selling 21,256 shares during the period. Citigroup Inc.'s holdings in Scorpio Tankers were worth $155,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hosking Partners LLP grew its position in shares of Scorpio Tankers by 3.1% during the third quarter. Hosking Partners LLP now owns 335,949 shares of the shipping company's stock worth $18,182,000 after acquiring an additional 10,232 shares during the last quarter. Moody Aldrich Partners LLC lifted its holdings in shares of Scorpio Tankers by 18.0% during the third quarter. Moody Aldrich Partners LLC now owns 91,538 shares of the shipping company's stock worth $4,954,000 after purchasing an additional 13,938 shares during the period. LSV Asset Management acquired a new stake in shares of Scorpio Tankers during the third quarter worth $4,844,000. Packer & Co Ltd acquired a new stake in shares of Scorpio Tankers during the third quarter worth $25,599,000. Finally, Fiera Capital Corp lifted its holdings in shares of Scorpio Tankers by 2.3% during the third quarter. Fiera Capital Corp now owns 370,382 shares of the shipping company's stock worth $20,045,000 after purchasing an additional 8,330 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on STNG shares. JPMorgan Chase & Co. increased their price target on Scorpio Tankers from $85.00 to $86.00 and gave the stock an "overweight" rating in a report on Thursday, February 1st. Evercore ISI increased their price target on Scorpio Tankers from $89.00 to $91.00 and gave the stock an "outperform" rating in a report on Thursday, February 15th. StockNews.com downgraded Scorpio Tankers from a "buy" rating to a "hold" rating in a report on Friday, February 23rd. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $90.00 price target on shares of Scorpio Tankers in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Scorpio Tankers presently has an average rating of "Moderate Buy" and a consensus target price of $74.00.

Scorpio Tankers Price Performance

Scorpio Tankers stock traded up $1.01 during midday trading on Friday, reaching $71.55. The company's stock had a trading volume of 959,659 shares, compared to its average volume of 873,665. Scorpio Tankers Inc. has a fifty-two week low of $40.34 and a fifty-two week high of $73.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 1.13. The stock's 50 day simple moving average is $68.81 and its 200 day simple moving average is $61.22. The firm has a market capitalization of $3.80 billion, a PE ratio of 7.20 and a beta of 0.21.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The shipping company reported $2.75 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.13. Scorpio Tankers had a return on equity of 22.86% and a net margin of 40.78%. The business had revenue of $336.30 million during the quarter, compared to analysts' expectations of $335.70 million. During the same quarter last year, the business posted $4.24 earnings per share. The business's revenue for the quarter was down 31.9% on a year-over-year basis. On average, equities research analysts forecast that Scorpio Tankers Inc. will post 12.53 earnings per share for the current year.

Scorpio Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 8th were given a $0.40 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from Scorpio Tankers's previous quarterly dividend of $0.35. Scorpio Tankers's dividend payout ratio (DPR) is currently 16.10%.

About Scorpio Tankers

Scorpio Tankers Inc, together with its subsidiaries, engages in the seaborne transportation of refined petroleum products in the shipping markets worldwide. As of March 23, 2023, its fleet consisted of 113 owned, finance leased, or bareboat chartered-in tankers, including 39 LR2, 60 MR, and 14 Handymax with a weighted average age of approximately 7.2 years.