Norges Bank Invests $30.37 Million in Scorpio Tankers Inc. (NYSE:STNG)

Norges Bank acquired a new stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 611,260 shares of the shipping company's stock, valued at approximately $30,374,000. Norges Bank owned approximately 1.21% of Scorpio Tankers at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. U S Global Investors Inc. grew its position in shares of Scorpio Tankers by 4.4% during the 4th quarter. U S Global Investors Inc. now owns 5,092 shares of the shipping company's stock worth $253,000 after buying an additional 215 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Scorpio Tankers by 75.8% during the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company's stock worth $30,000 after acquiring an additional 263 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Scorpio Tankers by 40.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company's stock valued at $46,000 after purchasing an additional 266 shares during the period. GAMMA Investing LLC raised its holdings in shares of Scorpio Tankers by 204.1% in the 4th quarter. GAMMA Investing LLC now owns 599 shares of the shipping company's stock valued at $30,000 after purchasing an additional 402 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Scorpio Tankers by 0.7% in the 4th quarter. Rhumbline Advisers now owns 76,004 shares of the shipping company's stock worth $3,777,000 after purchasing an additional 559 shares during the period. 54.64% of the stock is owned by hedge funds and other institutional investors.

Scorpio Tankers Stock Up 7.2 %

NYSE:STNG traded up $2.39 during midday trading on Friday, reaching $35.68. 910,402 shares of the stock traded hands, compared to its average volume of 883,805. The stock has a market capitalization of $1.78 billion, a PE ratio of 2.74 and a beta of -0.01. Scorpio Tankers Inc. has a 12-month low of $30.63 and a 12-month high of $84.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.39 and a current ratio of 2.43. The business has a 50-day moving average of $40.10 and a two-hundred day moving average of $50.24.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The shipping company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.08). Scorpio Tankers had a net margin of 53.76% and a return on equity of 18.01%. On average, equities analysts forecast that Scorpio Tankers Inc. will post 5.29 earnings per share for the current fiscal year.

Scorpio Tankers Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.48%. The ex-dividend date was Friday, March 7th. Scorpio Tankers's dividend payout ratio is presently 12.27%.

Analysts Set New Price Targets

STNG has been the topic of several research reports. Stifel Nicolaus cut their price objective on shares of Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating on the stock in a report on Friday, February 14th. Jefferies Financial Group reiterated a "buy" rating and issued a $75.00 price target on shares of Scorpio Tankers in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $68.75.

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.