KLP Kapitalforvaltning AS Invests $2.24 Million in Scorpio Tankers Inc. $STNG

KLP Kapitalforvaltning AS acquired a new stake in Scorpio Tankers Inc. (NYSE:STNG) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 40,000 shares of the shipping company’s stock, valued at approximately $2,242,000.

Several other large investors have also added to or reduced their stakes in the business. Moody Aldrich Partners LLC lifted its position in Scorpio Tankers by 84.5% during the 3rd quarter. Moody Aldrich Partners LLC now owns 120,862 shares of the shipping company’s stock worth $6,774,000 after buying an additional 55,360 shares in the last quarter. Merit Financial Group LLC raised its holdings in Scorpio Tankers by 11.6% during the third quarter. Merit Financial Group LLC now owns 8,196 shares of the shipping company’s stock worth $459,000 after acquiring an additional 852 shares in the last quarter. CWM LLC raised its holdings in Scorpio Tankers by 28.9% during the third quarter. CWM LLC now owns 36,940 shares of the shipping company’s stock worth $2,070,000 after acquiring an additional 8,279 shares in the last quarter. Brighton Jones LLC acquired a new position in Scorpio Tankers during the third quarter valued at approximately $269,000. Finally, Assenagon Asset Management S.A. grew its stake in Scorpio Tankers by 1.1% in the third quarter. Assenagon Asset Management S.A. now owns 361,128 shares of the shipping company’s stock valued at $20,241,000 after purchasing an additional 4,008 shares in the last quarter. Institutional investors and hedge funds own 54.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on STNG shares. B. Riley reiterated a “buy” rating and set a $80.00 price objective (up previously from $75.00) on shares of Scorpio Tankers in a research note on Thursday, October 16th. Zacks Research downgraded shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Jefferies Financial Group reaffirmed a “buy” rating and set a $70.00 price target on shares of Scorpio Tankers in a research report on Thursday, October 30th. Bank of America cut shares of Scorpio Tankers from a “buy” rating to an “underperform” rating in a report on Friday. Finally, Evercore ISI set a $80.00 price target on Scorpio Tankers and gave the stock an “outperform” rating in a report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $69.20.

Scorpio Tankers Price Performance

NYSE:STNG opened at $54.83 on Friday. The company has a market cap of $2.80 billion, a P/E ratio of 9.28 and a beta of -0.27. The firm’s fifty day moving average price is $56.16 and its two-hundred day moving average price is $52.72. Scorpio Tankers Inc. has a one year low of $30.63 and a one year high of $65.52. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.81 and a quick ratio of 4.75.

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

Scorpio Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were issued a dividend of $0.42 per share. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, November 14th. Scorpio Tankers’s dividend payout ratio is presently 28.43%.

Scorpio Tankers Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.