Man Group plc Has $12.47 Million Position in Scorpio Tankers Inc. (NYSE:STNG)

Man Group plc cut its stake in Scorpio Tankers Inc. (NYSE:STNG) by 26.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 250,898 shares of the shipping company’s stock after selling 91,746 shares during the quarter. Man Group plc owned approximately 0.50% of Scorpio Tankers worth $12,467,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Lindbrook Capital LLC increased its stake in shares of Scorpio Tankers by 75.8% in the fourth quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock worth $30,000 after acquiring an additional 263 shares during the last quarter. Covestor Ltd increased its position in Scorpio Tankers by 1,375.0% during the fourth quarter. Covestor Ltd now owns 826 shares of the shipping company’s stock worth $41,000 after buying an additional 770 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Scorpio Tankers by 40.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after buying an additional 266 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Scorpio Tankers by 850.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company’s stock worth $49,000 after buying an additional 876 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Scorpio Tankers during the fourth quarter worth $99,000. 54.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Scorpio Tankers Stock Up 0.9%

STNG stock opened at $42.05 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $84.67. The company has a 50-day moving average of $37.76 and a two-hundred day moving average of $45.09. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 3.22 and a beta of -0.12.

Scorpio Tankers (NYSE:STNG) last released its quarterly earnings results on Thursday, May 1st. The shipping company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 earned $3.97 earnings per share. The business’s quarterly revenue was down 45.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date is Friday, May 30th. Scorpio Tankers’s dividend payout ratio (DPR) is presently 15.76%.

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.