Mackenzie Financial Corp Reduces Stake in Scorpio Tankers Inc. (NYSE:STNG)

Mackenzie Financial Corp trimmed its stake in shares of Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 85.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,272 shares of the shipping company's stock after selling 43,280 shares during the period. Mackenzie Financial Corp's holdings in Scorpio Tankers were worth $591,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LSV Asset Management boosted its position in Scorpio Tankers by 118.1% during 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. Vanguard Group Inc. boosted its position in Scorpio Tankers by 176.6% during the first quarter. Vanguard Group Inc. now owns 860,575 shares of the shipping company's stock worth $61,574,000 after purchasing an additional 549,395 shares in the last quarter. Hartree Partners LP boosted its position in Scorpio Tankers by 634.5% during the first quarter. Hartree Partners LP now owns 521,498 shares of the shipping company's stock worth $37,313,000 after purchasing an additional 450,498 shares in the last quarter. Acadian Asset Management LLC boosted its position in Scorpio Tankers by 1,357.2% during the second quarter. Acadian Asset Management LLC now owns 283,505 shares of the shipping company's stock worth $23,034,000 after purchasing an additional 264,049 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Scorpio Tankers by 20.3% during the second quarter. American Century Companies Inc. now owns 1,185,762 shares of the shipping company's stock worth $96,391,000 after purchasing an additional 199,858 shares in the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STNG has been the topic of several research reports. Fearnley Fonds upgraded Scorpio Tankers to a "hold" rating in a research report on Friday, September 27th. Stifel Nicolaus lifted their price objective 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 dropped their price objective on Scorpio Tankers from $85.00 to $82.00 and set a "neutral" rating for the company in a research note on Tuesday, July 23rd. Jefferies Financial Group reiterated a "buy" rating and issued a $90.00 target price on shares of Scorpio Tankers in a report on Tuesday, July 30th. Finally, StockNews.com lowered Scorpio Tankers from a "buy" rating to a "hold" rating in a report on Friday, August 16th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Scorpio Tankers presently has a consensus rating of "Moderate Buy" and an average price target of $88.80.

Scorpio Tankers Stock Performance

Shares of NYSE STNG traded down $1.37 during trading hours on Friday, reaching $72.94. The stock had a trading volume of 488,282 shares, compared to its average volume of 687,308. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 6.77, a PEG ratio of 2.00 and a beta of 0.15. The company has a current ratio of 2.67, a quick ratio of 2.63 and a debt-to-equity ratio of 0.29. Scorpio Tankers Inc. has a fifty-two week low of $49.11 and a fifty-two week high of $84.67. The firm has a 50-day moving average of $71.41 and a 200-day moving average of $74.66.

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

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Thursday, August 15th. Scorpio Tankers's dividend payout ratio (DPR) is 14.84%.

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.