Allspring Global Investments Holdings LLC Sells 2,007 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Allspring Global Investments Holdings LLC cut its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 49.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,087 shares of the shipping company’s stock after selling 2,007 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Scorpio Tankers were worth $127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of STNG. FMR LLC increased its holdings in Scorpio Tankers by 94.4% during the 3rd quarter. FMR LLC now owns 2,334,754 shares of the shipping company’s stock worth $126,357,000 after purchasing an additional 1,133,900 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Scorpio Tankers by 4,706.2% in the fourth quarter. International Assets Investment Management LLC now owns 970,799 shares of the shipping company’s stock valued at $59,025,000 after acquiring an additional 950,600 shares in the last quarter. Pale Fire Capital SE lifted its stake in Scorpio Tankers by 6.0% in the third quarter. Pale Fire Capital SE now owns 779,912 shares of the shipping company’s stock worth $42,209,000 after acquiring an additional 44,162 shares during the period. Packer & Co Ltd bought a new position in Scorpio Tankers during the 3rd quarter worth about $25,599,000. Finally, American Century Companies Inc. increased its position in Scorpio Tankers by 30.0% during the 3rd quarter. American Century Companies Inc. now owns 400,833 shares of the shipping company’s stock valued at $21,693,000 after purchasing an additional 92,561 shares during the period. Institutional investors own 54.64% of the company’s stock.

Analysts Set New Price Targets

STNG has been the subject of several research reports. JPMorgan Chase & Co. upped their price target on shares of Scorpio Tankers from $85.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, February 1st. Evercore ISI upped their target price on Scorpio Tankers from $89.00 to $91.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Jefferies Financial Group reiterated a “buy” rating and issued a $90.00 price target on shares of Scorpio Tankers in a report on Wednesday, February 14th. Finally, StockNews.com cut Scorpio Tankers from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Scorpio Tankers has an average rating of “Moderate Buy” and an average price target of $74.00.

Scorpio Tankers Price Performance

Shares of STNG opened at $72.77 on Monday. The company has a 50 day moving average of $70.01 and a two-hundred day moving average of $63.90. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 7.32, a price-to-earnings-growth ratio of 1.25 and a beta of 0.21. The company has a quick ratio of 1.12, a current ratio of 1.13 and a debt-to-equity ratio of 0.37. Scorpio Tankers Inc. has a twelve month low of $40.34 and a twelve month high of $74.04.

Scorpio Tankers (NYSE:STNG) last announced its earnings results on Wednesday, February 14th. The shipping company reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.13. Scorpio Tankers had a return on equity of 22.86% and a net margin of 40.78%. The firm had revenue of $336.30 million for the quarter, compared to the consensus estimate of $335.70 million. During the same period in the previous year, the business earned $4.24 EPS. The firm’s revenue for the quarter was down 31.9% on a year-over-year basis. As a group, analysts predict that Scorpio Tankers Inc. will post 12.54 earnings per share for the current fiscal year.

Scorpio Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 8th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.20%. This is an increase from Scorpio Tankers’s previous quarterly dividend of $0.35. Scorpio Tankers’s dividend payout ratio is 16.10%.

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.