Packer & Co Ltd Sells 100,000 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Packer & Co Ltd trimmed its position in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 21.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 373,000 shares of the shipping company's stock after selling 100,000 shares during the period. Scorpio Tankers makes up approximately 9.0% of Packer & Co Ltd's investment portfolio, making the stock its 3rd largest holding. Packer & Co Ltd owned 0.74% of Scorpio Tankers worth $26,595,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in shares of Scorpio Tankers by 970.0% during the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company's stock worth $25,000 after buying an additional 291 shares in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Scorpio Tankers during the third quarter worth about $28,000. Fifth Third Bancorp grew its holdings in shares of Scorpio Tankers by 319.0% during the second quarter. Fifth Third Bancorp now owns 419 shares of the shipping company's stock worth $34,000 after buying an additional 319 shares in the last quarter. Quarry LP grew its holdings in shares of Scorpio Tankers by 52.8% during the second quarter. Quarry LP now owns 663 shares of the shipping company's stock worth $54,000 after buying an additional 229 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in Scorpio Tankers by 34.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company's stock valued at $57,000 after purchasing an additional 177 shares during the last quarter. 54.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on STNG shares. Stifel Nicolaus cut Scorpio Tankers from a "buy" rating to a "hold" rating and reduced their price target for the company from $90.00 to $65.00 in a research report on Wednesday, October 23rd. StockNews.com cut Scorpio Tankers from a "buy" rating to a "hold" rating in a research report on Friday, August 16th. Bank of America cut their price objective on Scorpio Tankers from $73.00 to $71.00 and set a "neutral" rating for the company in a research report on Tuesday, October 22nd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $90.00 price objective on shares of Scorpio Tankers in a research report on Tuesday, October 29th. Finally, Evercore ISI cut their price objective on Scorpio Tankers from $84.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $78.40.

Scorpio Tankers Price Performance

Scorpio Tankers stock traded down $0.78 during mid-day trading on Friday, reaching $54.67. 1,063,770 shares of the company were exchanged, compared to its average volume of 1,029,175. The company has a fifty day simple moving average of $66.65 and a 200-day simple moving average of $73.32. Scorpio Tankers Inc. has a 12 month low of $52.68 and a 12 month high of $84.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.21 and a quick ratio of 2.18. The firm has a market cap of $2.76 billion, a PE ratio of 3.92 and a beta of 0.18.

Scorpio Tankers (NYSE:STNG - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.14. Scorpio Tankers had a return on equity of 22.56% and a net margin of 52.40%. The company had revenue of $267.99 million for the quarter, compared to analyst estimates of $267.91 million. During the same quarter last year, the company posted $1.91 EPS. The company's revenue for the quarter was down 8.0% compared to the same quarter last year. As a group, equities research analysts expect that Scorpio Tankers Inc. will post 11.13 earnings per share for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Friday, November 22nd. Scorpio Tankers's dividend payout ratio (DPR) is 11.47%.

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.