LM Asset IM Inc. Invests $1.99 Million in Scorpio Tankers Inc. (NYSE:STNG)

LM Asset IM Inc. purchased a new stake in Scorpio Tankers Inc. (NYSE:STNG) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 40,000 shares of the shipping company’s stock, valued at approximately $1,988,000. Scorpio Tankers accounts for approximately 1.8% of LM Asset IM Inc.’s holdings, making the stock its 7th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in STNG. FMR LLC increased its holdings in Scorpio Tankers by 266.2% in the 4th quarter. FMR LLC now owns 2,613,611 shares of the shipping company’s stock worth $129,870,000 after purchasing an additional 1,899,981 shares in the last quarter. Cooper Creek Partners Management LLC increased its stake in shares of Scorpio Tankers by 380.0% in the fourth quarter. Cooper Creek Partners Management LLC now owns 2,195,563 shares of the shipping company’s stock valued at $109,098,000 after buying an additional 1,738,190 shares during the period. Norges Bank bought a new position in Scorpio Tankers in the 4th quarter valued at approximately $30,374,000. Vanguard Group Inc. boosted its position in Scorpio Tankers by 22.3% during the 4th quarter. Vanguard Group Inc. now owns 2,511,285 shares of the shipping company’s stock worth $124,786,000 after buying an additional 458,120 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Scorpio Tankers during the 4th quarter worth approximately $14,426,000. 54.64% of the stock is owned by institutional investors.

Scorpio Tankers Stock Performance

NYSE:STNG opened at $40.02 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43. Scorpio Tankers Inc. has a fifty-two week low of $30.63 and a fifty-two week high of $84.67. The company has a 50 day simple moving average of $37.89 and a two-hundred day simple moving average of $44.58. The company has a market capitalization of $2.04 billion, a PE ratio of 3.07 and a beta of -0.12.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings data on Thursday, May 1st. The shipping company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.32. Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. The company had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $205.89 million. During the same period in the prior year, the company posted $3.97 earnings per share. Scorpio Tankers’s revenue for the quarter was down 45.3% compared to the same quarter last year. Research analysts anticipate that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.60 dividend on an annualized basis and a yield of 4.00%. Scorpio Tankers’s payout ratio is currently 15.76%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price target on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a research report on Friday, February 14th. Jefferies Financial Group reissued a “buy” rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research note on Thursday, May 1st. Evercore ISI lowered their target price on Scorpio Tankers from $60.00 to $57.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Fearnley Fonds raised Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Scorpio Tankers currently has an average rating of “Moderate Buy” and a consensus target price of $60.50.

Scorpio Tankers 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.