Chesapeake Capital Corp IL Reduces Position in Scorpio Tankers Inc. (NYSE:STNG)

Chesapeake Capital Corp IL reduced its stake in Scorpio Tankers Inc. (NYSE:STNG) by 51.0% during the 2nd quarter, Holdings Channel reports. The fund owned 5,492 shares of the shipping company’s stock after selling 5,715 shares during the period. Chesapeake Capital Corp IL’s holdings in Scorpio Tankers were worth $446,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in STNG. LSV Asset Management grew its stake in Scorpio Tankers by 118.1% in the 1st quarter. LSV Asset Management now owns 1,839,185 shares of the shipping company’s stock worth $131,594,000 after acquiring an additional 995,978 shares during the period. Norges Bank purchased a new stake in shares of Scorpio Tankers in the fourth quarter valued at $34,009,000. Vanguard Group Inc. increased its stake in Scorpio Tankers by 176.6% in the first quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company’s stock valued at $61,574,000 after purchasing an additional 549,395 shares during the last quarter. Hartree Partners LP lifted its position in Scorpio Tankers by 634.5% during the first quarter. Hartree Partners LP now owns 521,498 shares of the shipping company’s stock worth $37,313,000 after buying an additional 450,498 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Scorpio Tankers by 1,357.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company’s stock worth $23,034,000 after buying an additional 264,049 shares during the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Trading Up 1.2 %

NYSE:STNG opened at $68.53 on Tuesday. Scorpio Tankers Inc. has a 12 month low of $47.88 and a 12 month high of $84.67. The business’s 50-day moving average is $74.16 and its two-hundred day moving average is $74.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.67 and a quick ratio of 2.63. The firm has a market capitalization of $3.64 billion, a PE ratio of 6.36, a price-to-earnings-growth ratio of 1.20 and a beta of 0.16.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.52 by $0.08. Scorpio Tankers had a return on equity of 23.83% and a net margin of 47.36%. The firm had revenue of $380.70 million during the quarter, compared to the consensus estimate of $368.62 million. During the same quarter in the prior year, the business posted $2.41 earnings per share. Scorpio Tankers’s revenue for the quarter was up 15.6% on a year-over-year basis. Research analysts predict that Scorpio Tankers Inc. will post 12.89 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Thursday, August 15th. Scorpio Tankers’s dividend payout ratio is presently 14.84%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on STNG shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of Scorpio Tankers in a research note on Tuesday, July 30th. Bank of America dropped their price target on shares of Scorpio Tankers from $85.00 to $82.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Stifel Nicolaus lifted their price target on shares of Scorpio Tankers from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Finally, Evercore ISI increased their target price on Scorpio Tankers from $99.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.17.

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.