Kingswood Wealth Advisors LLC Acquires Shares of 13,600 Scorpio Tankers Inc. $STNG

Kingswood Wealth Advisors LLC acquired a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG) during the second quarter, HoldingsChannel reports. The fund acquired 13,600 shares of the shipping company’s stock, valued at approximately $532,000.

Other hedge funds have also added to or reduced their stakes in the company. Pinnacle Holdings LLC purchased a new position in Scorpio Tankers during the 1st quarter valued at $26,000. Signaturefd LLC increased its position in Scorpio Tankers by 95.6% during the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock valued at $29,000 after purchasing an additional 372 shares during the period. GAMMA Investing LLC increased its position in Scorpio Tankers by 206.1% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the shipping company’s stock valued at $33,000 after purchasing an additional 575 shares during the period. Public Employees Retirement System of Ohio increased its position in Scorpio Tankers by 25.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,224 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 245 shares during the period. Finally, Parallel Advisors LLC increased its position in Scorpio Tankers by 629.8% during the 2nd quarter. Parallel Advisors LLC now owns 1,934 shares of the shipping company’s stock valued at $76,000 after purchasing an additional 1,669 shares during the period. 54.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Scorpio Tankers from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Bank of America upped their target price on shares of Scorpio Tankers from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Zacks Research raised shares of Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Scorpio Tankers in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Scorpio Tankers has a consensus rating of “Buy” and an average price target of $60.50.

Scorpio Tankers Stock Performance

Shares of Scorpio Tankers stock opened at $55.57 on Friday. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 7.57 and a beta of 0.01. The firm’s 50-day moving average is $52.66 and its 200 day moving average is $44.39. Scorpio Tankers Inc. has a 1 year low of $30.63 and a 1 year high of $71.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.95 and a quick ratio of 4.83.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.38. The company had revenue of $222.76 million for the quarter, compared to analysts’ expectations of $219.26 million. Scorpio Tankers had a net margin of 39.18% and a return on equity of 8.08%. Scorpio Tankers’s revenue was down 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.60 EPS. Sell-side analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were paid a $0.40 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. Scorpio Tankers’s payout ratio is presently 21.80%.

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.