Dynamic Technology Lab Private Ltd Sells 41,709 Shares of Scorpio Tankers Inc. $STNG

Dynamic Technology Lab Private Ltd lowered its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 85.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,281 shares of the shipping company’s stock after selling 41,709 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Scorpio Tankers were worth $285,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Scorpio Tankers by 6.7% in the first quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company’s stock valued at $100,658,000 after acquiring an additional 167,218 shares in the last quarter. American Century Companies Inc. increased its position in Scorpio Tankers by 4.3% in the first quarter. American Century Companies Inc. now owns 1,625,131 shares of the shipping company’s stock worth $61,072,000 after buying an additional 66,729 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Scorpio Tankers by 0.5% in the second quarter. Geode Capital Management LLC now owns 798,508 shares of the shipping company’s stock valued at $31,246,000 after buying an additional 3,692 shares during the period. Northern Trust Corp lifted its position in shares of Scorpio Tankers by 3.8% during the 1st quarter. Northern Trust Corp now owns 466,928 shares of the shipping company’s stock valued at $17,547,000 after buying an additional 17,186 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Scorpio Tankers by 598.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company’s stock valued at $13,974,000 after buying an additional 305,978 shares during the last quarter. 54.64% of the stock is owned by institutional investors.

Analyst Ratings Changes

STNG has been the topic of a number of research reports. Evercore ISI set a $80.00 price objective on Scorpio Tankers and gave the company an “outperform” rating in a research note on Monday, November 3rd. Jefferies Financial Group restated a “buy” rating and set a $70.00 price target on shares of Scorpio Tankers in a research note on Thursday, October 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Scorpio Tankers in a research note on Wednesday, November 19th. Bank of America boosted their target price on shares of Scorpio Tankers from $60.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Finally, B. Riley reaffirmed a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Scorpio Tankers in a report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.00.

Scorpio Tankers Stock Performance

Scorpio Tankers stock opened at $59.00 on Wednesday. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $65.52. The company has a current ratio of 4.81, a quick ratio of 4.75 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $3.01 billion, a PE ratio of 9.98 and a beta of -0.07. The firm’s 50 day simple moving average is $59.07 and its 200 day simple moving average is $50.00.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Thursday, October 30th. The shipping company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.39 by $0.10. The firm had revenue of $232.92 million during the quarter, compared to the consensus estimate of $228.09 million. Scorpio Tankers had a net margin of 32.01% and a return on equity of 7.42%. The business’s quarterly revenue 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, analysts expect that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be paid a $0.42 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 2.8%. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.40. Scorpio Tankers’s dividend payout ratio is currently 28.43%.

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.