Pinpoint Asset Management Ltd Makes New Investment in Scorpio Tankers Inc. (NYSE:STNG)

Pinpoint Asset Management Ltd bought a new stake in Scorpio Tankers Inc. (NYSE:STNG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 14,126 shares of the shipping company’s stock, valued at approximately $1,007,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock valued at $25,000 after acquiring an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Scorpio Tankers in the 3rd quarter valued at $28,000. Fifth Third Bancorp boosted its position in shares of Scorpio Tankers by 319.0% in the 2nd quarter. Fifth Third Bancorp now owns 419 shares of the shipping company’s stock worth $34,000 after purchasing an additional 319 shares during the last quarter. Quarry LP grew its stake in shares of Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after purchasing an additional 229 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its holdings in Scorpio Tankers by 34.2% in 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 during the last quarter. Institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Stock Performance

NYSE STNG opened at $51.81 on Wednesday. The firm has a market capitalization of $2.62 billion, a P/E ratio of 3.71 and a beta of 0.13. 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’s fifty day moving average price is $61.24 and its two-hundred day moving average price is $70.66. Scorpio Tankers Inc. has a 1 year low of $49.16 and a 1 year high of $84.67.

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

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, November 22nd. Scorpio Tankers’s payout ratio is presently 11.47%.

Analysts Set New Price Targets

Several research analysts recently weighed in on STNG shares. Jefferies Financial Group reduced their price objective on shares of Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their price target for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Evercore ISI dropped their price objective on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, Bank of America decreased their target price on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.