Private Management Group Inc. Acquires 93,416 Shares of Scorpio Tankers Inc. $STNG

Private Management Group Inc. lifted its holdings in Scorpio Tankers Inc. (NYSE:STNG) by 58.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 253,933 shares of the shipping company’s stock after purchasing an additional 93,416 shares during the quarter. Private Management Group Inc.’s holdings in Scorpio Tankers were worth $9,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pinnacle Holdings LLC bought a new stake in Scorpio Tankers in the 1st quarter worth about $26,000. Spire Wealth Management boosted its holdings in shares of Scorpio Tankers by 77.1% during the 2nd quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 330 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Scorpio Tankers by 143.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 780 shares of the shipping company’s stock worth $31,000 after acquiring an additional 460 shares during the period. GAMMA Investing LLC raised its holdings in shares of Scorpio Tankers by 206.1% during the second 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 last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Scorpio Tankers by 61.0% during the second quarter. PNC Financial Services Group Inc. now owns 924 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 350 shares during the period. 54.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on STNG. Zacks Research downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. B. Riley restated a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Scorpio Tankers in a research note on Thursday, October 16th. Evercore ISI set a $80.00 price objective on Scorpio Tankers and gave the company an “outperform” rating in a research report on Monday, November 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $70.00 target price on shares of Scorpio Tankers in a report on Thursday, October 30th. Finally, Bank of America boosted their price target on Scorpio Tankers from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Scorpio Tankers presently has an average rating of “Moderate Buy” and an average price target of $69.00.

Scorpio Tankers Trading Up 2.6%

Shares of STNG stock opened at $61.74 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.81 and a quick ratio of 4.75. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 10.45 and a beta of -0.07. Scorpio Tankers Inc. has a 1 year low of $30.63 and a 1 year high of $65.52. The firm has a fifty day moving average price of $59.12 and a 200-day moving average price of $49.61.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Thursday, October 30th. The shipping company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $232.92 million for the quarter, compared to analysts’ expectations of $228.09 million. Scorpio Tankers had a return on equity of 7.42% and a net margin of 32.01%.Scorpio Tankers’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period last year, the firm earned $1.75 EPS. As a group, equities analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.40. Scorpio Tankers’s payout ratio is presently 28.43%.

Scorpio Tankers Company Profile

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.