Jennison Associates LLC Takes $1.16 Million Position in Scorpio Tankers Inc. $STNG

Jennison Associates LLC bought a new position in Scorpio Tankers Inc. (NYSE:STNG) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 15,550 shares of the shipping company’s stock, valued at approximately $1,161,000.

Other hedge funds also recently made changes to their positions in the company. Kestra Advisory Services LLC raised its holdings in Scorpio Tankers by 3.1% during the 4th quarter. Kestra Advisory Services LLC now owns 5,286 shares of the shipping company’s stock valued at $269,000 after buying an additional 158 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Scorpio Tankers by 15.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,418 shares of the shipping company’s stock worth $79,000 after acquiring an additional 194 shares during the last quarter. Allworth Financial LP grew its holdings in Scorpio Tankers by 2.4% in the 4th quarter. Allworth Financial LP now owns 11,257 shares of the shipping company’s stock worth $572,000 after acquiring an additional 261 shares during the last quarter. Root Financial Partners LLC increased its position in shares of Scorpio Tankers by 193.9% in the first quarter. Root Financial Partners LLC now owns 526 shares of the shipping company’s stock valued at $39,000 after acquiring an additional 347 shares during the period. Finally, Merit Financial Group LLC raised its stake in shares of Scorpio Tankers by 4.3% during the fourth quarter. Merit Financial Group LLC now owns 8,547 shares of the shipping company’s stock valued at $434,000 after acquiring an additional 351 shares during the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STNG has been the subject of a number of analyst reports. Morgan Stanley set a $82.00 target price on shares of Scorpio Tankers and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Jefferies Financial Group initiated coverage on Scorpio Tankers in a report on Friday, April 24th. They set a “buy” rating and a $90.00 price target on the stock. Bank of America lowered Scorpio Tankers from a “buy” rating to an “underperform” rating and lowered their price target for the company from $100.00 to $78.00 in a research report on Tuesday, June 30th. Zacks Research upgraded Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Scorpio Tankers in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.14.

Scorpio Tankers Trading Down 1.5%

NYSE:STNG opened at $78.47 on Thursday. The company has a 50-day moving average price of $77.31 and a 200-day moving average price of $72.94. Scorpio Tankers Inc. has a 12 month low of $43.40 and a 12 month high of $87.39. The company has a current ratio of 13.98, a quick ratio of 13.87 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 7.72 and a beta of -0.24.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.23. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The company had revenue of $312.86 million for the quarter, compared to analysts’ expectations of $286.81 million. During the same quarter in the previous year, the company earned $1.03 earnings per share. Scorpio Tankers’s quarterly revenue was up 46.2% on a year-over-year basis. Equities analysts predict that Scorpio Tankers Inc. will post 12.15 EPS for the current year.

Scorpio Tankers Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 29th. Scorpio Tankers’s payout ratio is presently 17.70%.

Scorpio Tankers Company Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.