Moors & Cabot Inc. Sells 3,150 Shares of Scorpio Tankers Inc. $STNG

Moors & Cabot Inc. trimmed its stake in Scorpio Tankers Inc. (NYSE:STNG) by 23.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 10,250 shares of the shipping company’s stock after selling 3,150 shares during the quarter. Moors & Cabot Inc.’s holdings in Scorpio Tankers were worth $401,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Moody Aldrich Partners LLC boosted its holdings in Scorpio Tankers by 61.7% in the second quarter. Moody Aldrich Partners LLC now owns 65,502 shares of the shipping company’s stock worth $2,563,000 after acquiring an additional 25,000 shares in the last quarter. Spire Wealth Management increased its holdings in shares of Scorpio Tankers by 77.1% during the second quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock valued at $30,000 after acquiring an additional 330 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new position in shares of Scorpio Tankers in the 2nd quarter worth about $227,000. International Assets Investment Management LLC boosted its stake in Scorpio Tankers by 10.4% in the 2nd quarter. International Assets Investment Management LLC now owns 52,949 shares of the shipping company’s stock worth $2,072,000 after purchasing an additional 4,969 shares in the last quarter. Finally, RFG Advisory LLC purchased a new stake in Scorpio Tankers during the 2nd quarter valued at about $233,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STNG has been the subject of several recent analyst reports. Bank of America lifted their target price on shares of Scorpio Tankers from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Evercore ISI set a $80.00 price target on shares of Scorpio Tankers and gave the company an “outperform” rating in a report on Monday, November 3rd. Zacks Research lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Jefferies Financial Group reiterated a “buy” rating and set a $70.00 target price on shares of Scorpio Tankers in a research note on Thursday, October 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Scorpio Tankers in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Scorpio Tankers Stock Up 1.1%

Shares of Scorpio Tankers stock opened at $63.90 on Friday. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $64.59. The company has a quick ratio of 4.75, a current ratio of 4.81 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $57.64 and its 200 day moving average is $47.99. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 10.81 and a beta of -0.07.

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

Scorpio Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors 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 yield of 2.6%. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, November 14th. Scorpio Tankers’s dividend payout ratio (DPR) is currently 27.07%.

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.