Melqart Asset Management UK Ltd Raises Holdings in Scorpio Tankers Inc. (NYSE:STNG)

Melqart Asset Management UK Ltd lifted its stake in Scorpio Tankers Inc. (NYSE:STNG) by 7.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 118,998 shares of the shipping company’s stock after purchasing an additional 8,014 shares during the quarter. Melqart Asset Management UK Ltd’s holdings in Scorpio Tankers were worth $8,485,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Truist Financial Corp lifted its stake in shares of Scorpio Tankers by 1.4% during the second quarter. Truist Financial Corp now owns 10,933 shares of the shipping company’s stock worth $889,000 after buying an additional 149 shares during the period. Newbridge Financial Services Group Inc. lifted its position in Scorpio Tankers by 34.2% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after acquiring an additional 177 shares during the period. Quarry LP grew its stake in Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Scorpio Tankers by 2.1% during the third quarter. Segall Bryant & Hamill LLC now owns 12,103 shares of the shipping company’s stock worth $863,000 after purchasing an additional 252 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position 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 buying an additional 291 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on STNG shares. StockNews.com lowered shares of Scorpio Tankers from a “buy” rating to a “hold” rating in a research report on Friday, August 16th. Fearnley Fonds upgraded shares of Scorpio Tankers to a “hold” rating in a research report on Friday, September 27th. Bank of America cut their price target on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Jefferies Financial Group reduced their price objective on Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Finally, Evercore ISI lowered their target price 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. 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 MarketBeat, Scorpio Tankers currently has a consensus rating of “Hold” and an average price target of $76.40.

Scorpio Tankers Price Performance

Scorpio Tankers stock opened at $51.81 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The company’s fifty day moving average price is $61.24 and its 200 day moving average price is $70.66. The stock has a market capitalization of $2.62 billion, a P/E ratio of 3.71 and a beta of 0.13. Scorpio Tankers Inc. has a 1 year low of $49.16 and a 1 year high of $84.67.

Scorpio Tankers (NYSE:STNG) last released its 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 business had revenue of $267.99 million during 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 company’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.91 earnings per share. As a group, equities research analysts anticipate that Scorpio Tankers Inc. will post 11.04 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 22nd will be given a $0.40 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 3.09%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 11.47%.

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.