Platinum Investment Management Ltd. Cuts Position in Scorpio Tankers Inc. (NYSE:STNG)

Platinum Investment Management Ltd. lessened its stake in Scorpio Tankers Inc. (NYSE:STNG) by 9.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 402,043 shares of the shipping company’s stock after selling 43,133 shares during the quarter. Scorpio Tankers accounts for 1.2% of Platinum Investment Management Ltd.’s investment portfolio, making the stock its 20th largest position. Platinum Investment Management Ltd. owned approximately 0.80% of Scorpio Tankers worth $19,978,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Mountaineer Partners Management LLC increased its holdings in Scorpio Tankers by 6,926.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company’s stock valued at $596,912,000 after acquiring an additional 8,252,691 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Scorpio Tankers by 882.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 201,653 shares of the shipping company’s stock valued at $10,020,000 after acquiring an additional 181,135 shares in the last quarter. Barclays PLC increased its holdings in Scorpio Tankers by 873.6% during the 3rd quarter. Barclays PLC now owns 188,195 shares of the shipping company’s stock valued at $13,418,000 after acquiring an additional 168,866 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Scorpio Tankers during the 3rd quarter valued at about $8,459,000. Finally, Empowered Funds LLC purchased a new position in Scorpio Tankers during the 4th quarter valued at about $5,621,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on STNG. Stifel Nicolaus dropped their target price on shares of Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating for the company in a report on Friday, February 14th. Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price target on shares of Scorpio Tankers in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $68.75.

Scorpio Tankers Price Performance

STNG opened at $40.76 on Wednesday. The company’s 50 day simple moving average is $45.63 and its 200 day simple moving average is $54.47. 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 1 year low of $37.14 and a 1 year high of $84.67. The stock has a market capitalization of $2.06 billion, a PE ratio of 3.13 and a beta of 0.01.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.08). Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. As a group, sell-side analysts expect that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.40 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.60 annualized dividend and a dividend yield of 3.93%. Scorpio Tankers’s dividend payout ratio is presently 12.27%.

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.