Hsbc Holdings PLC Decreases Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Hsbc Holdings PLC reduced its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 43.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 13,358 shares of the shipping company's stock after selling 10,161 shares during the period. Hsbc Holdings PLC's holdings in Scorpio Tankers were worth $1,101,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. LSV Asset Management lifted its position in shares of Scorpio Tankers by 118.1% in the first quarter. LSV Asset Management now owns 1,839,185 shares of the shipping company's stock worth $131,594,000 after purchasing an additional 995,978 shares in the last quarter. Norges Bank acquired a new position in shares of Scorpio Tankers in the fourth quarter valued at $34,009,000. Vanguard Group Inc. lifted its stake in shares of Scorpio Tankers by 176.6% during the 1st quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company's stock worth $61,574,000 after buying an additional 549,395 shares during the last quarter. Hartree Partners LP boosted its holdings in shares of Scorpio Tankers by 634.5% during the 1st quarter. Hartree Partners LP now owns 521,498 shares of the shipping company's stock worth $37,313,000 after buying an additional 450,498 shares during the period. Finally, Acadian Asset Management LLC grew its stake in Scorpio Tankers by 1,357.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company's stock valued at $23,034,000 after buying an additional 264,049 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors and hedge funds.

Scorpio Tankers Stock Up 0.8 %

Scorpio Tankers stock traded up $0.56 during trading on Friday, hitting $71.65. 672,892 shares of the company were exchanged, compared to its average volume of 923,677. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $3.81 billion, a P/E ratio of 6.65, a PEG ratio of 1.94 and a beta of 0.16. The business's 50 day moving average is $71.66 and its 200 day moving average is $74.63. Scorpio Tankers Inc. has a 52 week low of $47.88 and a 52 week high of $84.67.

Scorpio Tankers (NYSE:STNG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The shipping company reported $3.60 EPS for the quarter, topping the consensus estimate of $3.52 by $0.08. The business had revenue of $380.70 million for the quarter, compared to analyst estimates of $368.62 million. Scorpio Tankers had a net margin of 47.36% and a return on equity of 23.83%. The company's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.41 earnings per share. Analysts predict that Scorpio Tankers Inc. will post 12.71 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers's payout ratio is 14.84%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on STNG shares. Jefferies Financial Group reissued a "buy" rating and issued a $90.00 target price on shares of Scorpio Tankers in a research report on Tuesday, July 30th. Evercore ISI increased their price objective on shares of Scorpio Tankers from $99.00 to $100.00 and gave the company an "outperform" rating in a research note on Tuesday, July 23rd. Stifel Nicolaus lifted their price target on Scorpio Tankers from $84.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 24th. Bank of America reduced their target price on Scorpio Tankers from $85.00 to $82.00 and set a "neutral" rating on the stock in a report on Tuesday, July 23rd. Finally, StockNews.com downgraded Scorpio Tankers from a "buy" rating to a "hold" rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.80.

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.