Chesapeake Capital Corp IL Increases Position in Scorpio Tankers Inc. (NYSE:STNG)

Chesapeake Capital Corp IL lifted its stake in Scorpio Tankers Inc. (NYSE:STNG) by 6.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,841 shares of the shipping company’s stock after buying an additional 349 shares during the period. Chesapeake Capital Corp IL’s holdings in Scorpio Tankers were worth $419,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Janney Montgomery Scott LLC purchased a new position in Scorpio Tankers during the 1st quarter worth $596,000. Acadian Asset Management LLC grew its position in Scorpio Tankers by 101.4% during the 1st quarter. Acadian Asset Management LLC now owns 19,456 shares of the shipping company’s stock worth $1,391,000 after purchasing an additional 9,798 shares during the last quarter. Cetera Investment Advisers purchased a new position in Scorpio Tankers during the 1st quarter worth $2,107,000. Price T Rowe Associates Inc. MD grew its position in Scorpio Tankers by 354.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,439 shares of the shipping company’s stock worth $3,896,000 after purchasing an additional 42,451 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Scorpio Tankers during the 2nd quarter worth $1,098,000. 54.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on STNG. Bank of America lowered their price objective on shares of Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their target price for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. StockNews.com cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Finally, Jefferies Financial Group reduced their target price on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Scorpio Tankers has a consensus rating of “Hold” and an average target price of $76.40.

Scorpio Tankers Stock Performance

NYSE:STNG opened at $53.73 on Monday. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $65.18 and a two-hundred day moving average price of $72.69. Scorpio Tankers Inc. has a twelve month low of $52.68 and a twelve month high of $84.67. The company has a market capitalization of $2.71 billion, a P/E ratio of 3.85 and a beta of 0.18.

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

Scorpio Tankers Announces Dividend

The company 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 dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.98%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

About Scorpio Tankers

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.