Massachusetts Financial Services Co. MA Acquires 2,467 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Massachusetts Financial Services Co. MA boosted its holdings in shares of Scorpio Tankers Inc. (NYSE:STNG) by 7.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,936 shares of the shipping company’s stock after buying an additional 2,467 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Scorpio Tankers were worth $2,562,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in STNG. EverSource Wealth Advisors LLC lifted its holdings in Scorpio Tankers by 970.0% during the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 291 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in Scorpio Tankers during the third quarter valued at approximately $28,000. Fifth Third Bancorp lifted its holdings in Scorpio Tankers by 319.0% during the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 319 shares in the last quarter. Quarry LP lifted its holdings in Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 177 shares in the last quarter. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Price Performance

Scorpio Tankers stock opened at $51.21 on Wednesday. The firm’s fifty day moving average is $63.50 and its 200 day moving average is $71.88. The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 0.27. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 3.67 and a beta of 0.18. Scorpio Tankers Inc. has a 52-week low of $50.92 and a 52-week high of $84.67.

Scorpio Tankers (NYSE:STNG) last posted its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.14. The firm had revenue of $267.99 million for the quarter, compared to analysts’ expectations of $267.91 million. Scorpio Tankers had a net margin of 52.40% and a return on equity of 22.56%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.91 earnings per share. Sell-side analysts forecast that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s payout ratio is presently 11.47%.

Analyst Ratings Changes

Several brokerages have weighed in on STNG. Jefferies Financial Group lowered their price target on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Evercore ISI lowered their target price on shares of Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. StockNews.com downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Fearnley Fonds raised shares of Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Finally, Stifel Nicolaus downgraded shares of Scorpio Tankers from a “buy” rating to a “hold” rating and lowered their target price for the stock from $90.00 to $65.00 in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $76.40.

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.