Independent Advisor Alliance Makes New Investment in Scorpio Tankers Inc. (NYSE:STNG)

Independent Advisor Alliance bought a new position in Scorpio Tankers Inc. (NYSE:STNG) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 31,156 shares of the shipping company’s stock, valued at approximately $2,221,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of Scorpio Tankers by 970.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after purchasing an additional 291 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Scorpio Tankers during the 3rd quarter worth about $28,000. Fifth Third Bancorp increased its position in shares of Scorpio Tankers by 319.0% during 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 increased its position in shares of Scorpio Tankers by 52.8% during the 2nd quarter. Quarry LP now owns 663 shares of the shipping company’s stock worth $54,000 after purchasing an additional 229 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in shares of 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 purchasing an additional 177 shares during the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

Scorpio Tankers Stock Down 1.8 %

Shares of Scorpio Tankers stock opened at $51.78 on Tuesday. The company has a market cap of $2.62 billion, a P/E ratio of 3.72 and a beta of 0.18. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. Scorpio Tankers Inc. has a one year low of $51.44 and a one year high of $84.67. The firm has a fifty day moving average of $63.84 and a two-hundred day moving average of $72.06.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings data 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 company 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%. Scorpio Tankers’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.91 EPS. On average, analysts forecast that Scorpio Tankers Inc. will post 11.04 earnings per share for the current 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. 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 3.09%. Scorpio Tankers’s dividend payout ratio is presently 11.47%.

Analyst Upgrades and Downgrades

STNG has been the subject of a number of recent analyst reports. Stifel Nicolaus downgraded Scorpio Tankers from a “buy” rating to a “hold” rating and cut their price objective for the stock from $90.00 to $65.00 in a research report on Wednesday, October 23rd. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a report on Friday, September 27th. Evercore ISI lowered their target price on Scorpio Tankers from $84.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Jefferies Financial Group lowered their target price on Scorpio Tankers from $90.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a report on Friday, August 16th. Four 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, Scorpio Tankers currently has an average rating of “Hold” and a consensus price target of $76.40.

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.