Harvey Capital Management Inc. Reduces Position in Scorpio Tankers Inc. (NYSE:STNG)

Harvey Capital Management Inc. lowered its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 70.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,815 shares of the shipping company’s stock after selling 23,246 shares during the period. Harvey Capital Management Inc.’s holdings in Scorpio Tankers were worth $488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Savant Capital LLC acquired a new stake in shares of Scorpio Tankers during the fourth quarter worth approximately $346,000. Empowered Funds LLC acquired a new position in Scorpio Tankers during the 4th quarter worth $5,621,000. Bleakley Financial Group LLC raised its stake in shares of Scorpio Tankers by 218.5% in the 4th quarter. Bleakley Financial Group LLC now owns 26,250 shares of the shipping company’s stock valued at $1,304,000 after purchasing an additional 18,007 shares in the last quarter. EMC Capital Management lifted its position in shares of Scorpio Tankers by 61.5% during the fourth quarter. EMC Capital Management now owns 2,717 shares of the shipping company’s stock worth $135,000 after purchasing an additional 1,035 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in Scorpio Tankers by 102.3% in the fourth quarter. Blue Trust Inc. now owns 6,631 shares of the shipping company’s stock worth $329,000 after purchasing an additional 3,354 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Up 0.1 %

Shares of Scorpio Tankers stock opened at $48.12 on Wednesday. Scorpio Tankers Inc. has a twelve month low of $45.43 and a twelve month high of $84.67. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 3.45 and a beta of 0.08. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $49.64 and its 200-day simple moving average is $60.28.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Jefferies Financial Group cut their price objective on Scorpio Tankers from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Evercore ISI dropped their price target on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Bank of America decreased their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Stifel Nicolaus lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their target price for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $72.75.

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.