Inspire Advisors LLC Purchases New Stake in Scorpio Tankers Inc. $STNG

Inspire Advisors LLC acquired a new position in shares of Scorpio Tankers Inc. (NYSE:STNG) in the second quarter, HoldingsChannel.com reports. The firm acquired 71,991 shares of the shipping company’s stock, valued at approximately $2,817,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Scorpio Tankers by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 2,678,503 shares of the shipping company’s stock valued at $100,658,000 after buying an additional 167,218 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Scorpio Tankers by 4.3% during the first quarter. American Century Companies Inc. now owns 1,625,131 shares of the shipping company’s stock worth $61,072,000 after acquiring an additional 66,729 shares during the period. Geode Capital Management LLC increased its stake in shares of Scorpio Tankers by 0.5% during the second quarter. Geode Capital Management LLC now owns 798,508 shares of the shipping company’s stock worth $31,246,000 after purchasing an additional 3,692 shares during the period. Pacer Advisors Inc. acquired a new stake in Scorpio Tankers during the 1st quarter worth approximately $19,471,000. Finally, Northern Trust Corp boosted its stake in Scorpio Tankers by 3.8% in the 1st quarter. Northern Trust Corp now owns 466,928 shares of the shipping company’s stock valued at $17,547,000 after purchasing an additional 17,186 shares during the period. Institutional investors and hedge funds own 54.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Zacks Research cut Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Scorpio Tankers in a research report on Thursday. B. Riley reiterated a “buy” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Scorpio Tankers in a research note on Thursday, October 16th. Jefferies Financial Group restated a “buy” rating and set a $70.00 target price on shares of Scorpio Tankers in a research report on Thursday, October 30th. Finally, Bank of America boosted their price target on Scorpio Tankers from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $69.00.

Scorpio Tankers Price Performance

Shares of NYSE:STNG opened at $61.59 on Tuesday. The firm has a 50 day moving average of $58.83 and a 200-day moving average of $49.15. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month 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 stock has a market capitalization of $3.14 billion, a PE ratio of 10.42 and a beta of -0.07.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share (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 for the quarter, compared to analyst estimates of $228.09 million. During the same quarter last year, the business posted $1.75 EPS. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. On average, equities research analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.42 per share. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.7%. Scorpio Tankers’s payout ratio is presently 28.43%.

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.