Principal Financial Group Inc. Buys 992 Shares of Scorpio Tankers Inc. (NYSE:STNG)

Principal Financial Group Inc. lifted its position in shares of Scorpio Tankers Inc. (NYSE:STNG) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 41,416 shares of the shipping company’s stock after acquiring an additional 992 shares during the quarter. Principal Financial Group Inc.’s holdings in Scorpio Tankers were worth $2,953,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Scorpio Tankers by 970.0% in the second quarter. EverSource Wealth Advisors LLC now owns 321 shares of the shipping company’s stock worth $25,000 after acquiring an additional 291 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Scorpio Tankers in the third quarter worth $28,000. Quarry LP lifted its position in Scorpio Tankers by 52.8% in the second quarter. Quarry LP now owns 663 shares of the shipping company’s stock valued at $54,000 after purchasing an additional 229 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in Scorpio Tankers by 34.2% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 695 shares of the shipping company’s stock worth $57,000 after acquiring an additional 177 shares during the last quarter. Finally, AM Squared Ltd purchased a new position in shares of Scorpio Tankers during the third quarter valued at approximately $64,000. Hedge funds and other institutional investors own 54.64% of the company’s stock.

Scorpio Tankers Price Performance

Shares of Scorpio Tankers stock opened at $48.86 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.18 and a current ratio of 2.21. The stock has a 50 day moving average price of $51.94 and a 200-day moving average price of $65.73. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 3.50 and a beta of 0.13. Scorpio Tankers Inc. has a one year low of $45.94 and a one year high of $84.67.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Tuesday, October 29th. The shipping company reported $1.75 earnings per share for the quarter, topping 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 business had revenue of $267.99 million during the quarter, compared to the consensus estimate of $267.91 million. During the same period last year, the company earned $1.91 earnings per share. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Equities analysts expect that Scorpio Tankers Inc. will post 11.04 EPS for the current year.

Scorpio Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 22nd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Friday, November 22nd. Scorpio Tankers’s dividend payout ratio (DPR) is 11.47%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Evercore ISI lowered 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. Fearnley Fonds upgraded Scorpio Tankers to a “hold” rating in a research note on Friday, September 27th. Bank of America reduced their price objective on Scorpio Tankers from $73.00 to $71.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Stifel Nicolaus cut shares of Scorpio Tankers from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $90.00 to $65.00 in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group cut 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 note on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.