Bank of New York Mellon Corp Trims Stake in Scorpio Tankers Inc. (NYSE:STNG)

Bank of New York Mellon Corp trimmed its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 12.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 129,945 shares of the shipping company's stock after selling 18,650 shares during the period. Bank of New York Mellon Corp owned about 0.26% of Scorpio Tankers worth $6,457,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of STNG. GAMMA Investing LLC raised its stake 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 during the period. AM Squared Ltd bought a new position in Scorpio Tankers during the third quarter worth about $64,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Scorpio Tankers during the third quarter worth approximately $68,000. Quarry LP boosted its holdings in shares of Scorpio Tankers by 103.5% during the third quarter. Quarry LP now owns 1,349 shares of the shipping company's stock worth $96,000 after acquiring an additional 686 shares during the period. Finally, EMC Capital Management boosted its stake in shares of Scorpio Tankers by 61.5% in the fourth quarter. EMC Capital Management now owns 2,717 shares of the shipping company's stock valued at $135,000 after buying an additional 1,035 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on STNG. Jefferies Financial Group restated a "buy" rating and set a $75.00 target price on shares of Scorpio Tankers in a research note on Thursday, February 13th. Stifel Nicolaus lowered their target price on Scorpio Tankers from $51.00 to $49.00 and set a "hold" rating for the company in a research report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $68.75.

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Scorpio Tankers Stock Up 2.4 %

Shares of STNG traded up $0.98 during trading hours on Tuesday, hitting $41.28. The stock had a trading volume of 476,430 shares, compared to its average volume of 816,535. Scorpio Tankers Inc. has a 1-year low of $37.14 and a 1-year high of $84.67. The firm has a market capitalization of $2.09 billion, a P/E ratio of 3.17 and a beta of 0.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The firm has a 50 day simple moving average of $45.88 and a 200-day simple moving average of $54.69.

Scorpio Tankers (NYSE:STNG - Get Free Report) last posted its earnings results 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 return on equity of 18.01% and a net margin of 53.76%. Sell-side analysts predict that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.88%. Scorpio Tankers's dividend payout ratio (DPR) is presently 12.27%.

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.