Mirae Asset Global Investments Co. Ltd. bought a new position in Scorpio Tankers Inc. (NYSE:STNG – Free Report) during the 3rd quarter, Holdings Channel.com reports. The fund bought 12,405 shares of the shipping company’s stock, valued at approximately $1,038,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Assetmark Inc. purchased a new position in Scorpio Tankers during the first quarter valued at $28,000. Pinnacle Holdings LLC purchased a new stake in Scorpio Tankers in the 2nd quarter worth $48,000. Farther Finance Advisors LLC boosted its holdings in shares of Scorpio Tankers by 35.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 579 shares of the shipping company’s stock valued at $48,000 after purchasing an additional 150 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Scorpio Tankers during the 3rd quarter valued at about $50,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Scorpio Tankers during the 2nd quarter valued at about $92,000. Institutional investors own 54.64% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on STNG shares. Evercore set a $105.00 price objective on Scorpio Tankers in a research report on Monday, November 2nd. Bank of America reiterated an “underperform” rating on shares of Scorpio Tankers in a research report on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft increased their price target on Scorpio Tankers from $102.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Needham & Company LLC set a $130.00 price target on Scorpio Tankers in a report on Thursday, October 29th. Finally, Truist Financial set a $130.00 price objective on Scorpio Tankers in a research note on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.56.
View Our Latest Analysis on Scorpio Tankers
Insider Activity
In related news, insider Auste Adelborg sold 6,834 shares of Scorpio Tankers stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $89.64, for a total value of $612,599.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Christopher Avella sold 56,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $86.57, for a total value of $4,891,205.00. Following the sale, the chief financial officer directly owned 178,834 shares in the company, valued at $15,481,659.38. The trade was a 24.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 654,770 shares of company stock worth $58,404,395. 7.34% of the stock is owned by insiders.
Scorpio Tankers Trading Up 0.1%
Shares of STNG opened at $80.84 on Monday. The stock has a market capitalization of $4.08 billion, a PE ratio of 4.28, a P/E/G ratio of 1.65 and a beta of -0.10. The company’s fifty day moving average is $84.38 and its 200 day moving average is $77.43. The company has a debt-to-equity ratio of 0.14, a quick ratio of 20.59 and a current ratio of 20.65. Scorpio Tankers Inc. has a fifty-two week low of $48.93 and a fifty-two week high of $95.60.
Scorpio Tankers (NYSE:STNG – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The shipping company reported $2.49 EPS for the quarter, beating the consensus estimate of $2.06 by $0.43. Scorpio Tankers had a net margin of 77.07% and a return on equity of 17.06%. The business had revenue of $266.47 million during the quarter, compared to analyst estimates of $243.98 million. During the same quarter last year, the business earned $1.49 earnings per share. Scorpio Tankers’s quarterly revenue was up 10.4% compared to the same quarter last year. Sell-side analysts expect that Scorpio Tankers Inc. will post 15.59 earnings per share for the current fiscal year.
Scorpio Tankers Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, November 13th. This represents a $3.00 annualized dividend and a dividend yield of 3.7%. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.45. Scorpio Tankers’s dividend payout ratio is currently 9.53%.
Scorpio Tankers Profile
Scorpio Tankers Inc is a marine transportation company focused on moving refined petroleum products around the world. Its product tankers carry cargoes such as gasoline, diesel, jet fuel and naphtha between refineries, storage facilities and end markets.
The company serves international shipping routes, connecting major refining and consumption regions. Its fleet includes medium-range and larger product tankers designed to transport petroleum products across regional and long-distance routes.
Scorpio Tankers was founded in 2009 and is headquartered in Monaco.
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