JPMorgan Chase & Co. Lowers Position in Scorpio Tankers Inc. (NYSE:STNG)

JPMorgan Chase & Co. reduced its stake in Scorpio Tankers Inc. (NYSE:STNG - Free Report) by 25.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 294,660 shares of the shipping company's stock after selling 99,255 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.58% of Scorpio Tankers worth $21,009,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of Scorpio Tankers in the third quarter valued at approximately $8,459,000. Mountaineer Partners Management LLC boosted its position in Scorpio Tankers by 6,926.8% in the third quarter. Mountaineer Partners Management LLC now owns 8,371,832 shares of the shipping company's stock worth $596,912,000 after purchasing an additional 8,252,691 shares during the last quarter. Independent Advisor Alliance bought a new position in Scorpio Tankers in the 3rd quarter valued at $2,221,000. Barclays PLC increased its position in shares of Scorpio Tankers by 873.6% during the 3rd quarter. Barclays PLC now owns 188,195 shares of the shipping company's stock valued at $13,418,000 after purchasing an additional 168,866 shares during the last quarter. Finally, Versor Investments LP raised its stake in shares of Scorpio Tankers by 359.0% during the 3rd quarter. Versor Investments LP now owns 16,803 shares of the shipping company's stock worth $1,198,000 after purchasing an additional 13,142 shares during the period. 54.64% of the stock is currently owned by institutional investors.

Scorpio Tankers Stock Performance

Scorpio Tankers stock traded down $0.52 during mid-day trading on Thursday, reaching $52.34. The company's stock had a trading volume of 967,452 shares, compared to its average volume of 1,068,990. The company has a market capitalization of $2.64 billion, a P/E ratio of 3.75 and a beta of 0.12. The firm's fifty day moving average price is $51.45 and its two-hundred day moving average price is $65.00. Scorpio Tankers Inc. has a 12-month low of $45.94 and a 12-month high of $84.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21.

Scorpio Tankers (NYSE:STNG - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The shipping company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 period in the previous year, the company posted $1.91 EPS. The firm's revenue for the quarter was down 8.0% compared to the same quarter last year. Sell-side analysts predict that Scorpio Tankers Inc. will post 11.04 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 22nd were given a $0.40 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.06%. Scorpio Tankers's dividend payout ratio (DPR) is currently 11.47%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Evercore ISI reduced their price target on shares of Scorpio Tankers from $84.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, October 30th. Jefferies Financial Group reduced their target price on shares of Scorpio Tankers from $80.00 to $75.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. Bank of America lowered their price target on shares of Scorpio Tankers from $73.00 to $71.00 and set a "neutral" rating on the stock in a report on Tuesday, October 22nd. Fearnley Fonds raised Scorpio Tankers to a "hold" rating in a report on Friday, September 27th. Finally, Stifel Nicolaus lowered Scorpio Tankers from a "buy" rating to a "hold" rating and lowered their target price for the company from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $75.40.

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.