Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in Scorpio Tankers Inc. $STNG

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,635 shares of the shipping company’s stock, valued at approximately $534,000.

Other institutional investors also recently bought and sold shares of the company. Pinnacle Holdings LLC acquired a new position in shares of Scorpio Tankers during the 1st quarter valued at $26,000. Signaturefd LLC increased its holdings in Scorpio Tankers by 95.6% in the 1st quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock valued at $29,000 after purchasing an additional 372 shares in the last quarter. Spire Wealth Management raised its position in Scorpio Tankers by 77.1% in the second quarter. Spire Wealth Management now owns 758 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 330 shares during the period. GAMMA Investing LLC lifted its stake in shares of Scorpio Tankers by 206.1% during the second quarter. GAMMA Investing LLC now owns 854 shares of the shipping company’s stock worth $33,000 after purchasing an additional 575 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Scorpio Tankers by 25.0% in the second quarter. Public Employees Retirement System of Ohio now owns 1,224 shares of the shipping company’s stock worth $48,000 after buying an additional 245 shares during the period. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on STNG shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Scorpio Tankers in a report on Thursday, November 13th. Bank of America increased their price objective on shares of Scorpio Tankers from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. 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 research note on Friday, October 17th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $70.00 price target on shares of Scorpio Tankers in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.00.

Scorpio Tankers Stock Performance

Shares of STNG opened at $61.20 on Thursday. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 10.36 and a beta of -0.07. 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 business’s 50 day moving average is $59.02 and its two-hundred day moving average is $49.39. Scorpio Tankers Inc. has a 52-week low of $30.63 and a 52-week high of $65.52.

Scorpio Tankers (NYSE:STNG) last issued its quarterly earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share (EPS) for the quarter, topping 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 business’s revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.75 earnings per share. Analysts forecast that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be paid a $0.42 dividend. This is a boost from Scorpio Tankers’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. Scorpio Tankers’s dividend payout ratio (DPR) is currently 28.43%.

Scorpio Tankers 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.