Marex Group plc Invests $901,000 in Scorpio Tankers Inc. $STNG

Marex Group plc bought a new position in shares of Scorpio Tankers Inc. (NYSE:STNG) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 23,033 shares of the shipping company’s stock, valued at approximately $901,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC acquired a new stake in shares of Scorpio Tankers during the second quarter worth approximately $30,890,000. AQR Capital Management LLC grew its position in Scorpio Tankers by 91.9% during the 2nd quarter. AQR Capital Management LLC now owns 642,673 shares of the shipping company’s stock worth $25,148,000 after acquiring an additional 307,815 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Scorpio Tankers by 598.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 357,120 shares of the shipping company’s stock valued at $13,974,000 after purchasing an additional 305,978 shares in the last quarter. Donald Smith & CO. Inc. acquired a new stake in Scorpio Tankers during the 2nd quarter valued at $10,845,000. Finally, Vanguard Group Inc. raised its position 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 purchasing an additional 167,218 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Scorpio Tankers Price Performance

Shares of STNG stock opened at $52.07 on Monday. The company has a quick ratio of 4.75, a current ratio of 4.81 and a debt-to-equity ratio of 0.25. Scorpio Tankers Inc. has a 12 month low of $30.63 and a 12 month high of $65.52. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 8.81 and a beta of -0.30. The stock has a 50-day moving average price of $58.48 and a 200 day moving average price of $51.33.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Thursday, October 30th. The shipping company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. The company had revenue of $232.92 million for 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 company’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.75 EPS. Research analysts expect that Scorpio Tankers Inc. will post 5.29 EPS for the current year.

Scorpio Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, November 14th. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.40. Scorpio Tankers’s dividend payout ratio is presently 28.43%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Bank of America decreased their target price on Scorpio Tankers from $73.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, December 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Scorpio Tankers in a research report on Monday, December 8th. Evercore ISI set a $80.00 price objective on shares of Scorpio Tankers and gave the company an “outperform” rating in a research report on Monday, November 3rd. B. Riley reaffirmed a “buy” rating and issued a $80.00 target price (up from $75.00) on shares of Scorpio Tankers in a research note on Thursday, October 16th. Finally, Zacks Research lowered shares of Scorpio Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.20.

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.