Corebridge Financial Inc. Cuts Stock Position in Scorpio Tankers Inc. (NYSE:STNG)

Corebridge Financial Inc. trimmed its position in shares of Scorpio Tankers Inc. (NYSE:STNG) by 11.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,159 shares of the shipping company’s stock after selling 2,890 shares during the quarter. Corebridge Financial Inc.’s holdings in Scorpio Tankers were worth $1,101,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Scorpio Tankers by 204.1% in the fourth quarter. GAMMA Investing LLC now owns 599 shares of the shipping company’s stock valued at $30,000 after purchasing an additional 402 shares during the period. Lindbrook Capital LLC boosted its position in Scorpio Tankers by 75.8% in the 4th quarter. Lindbrook Capital LLC now owns 610 shares of the shipping company’s stock valued at $30,000 after buying an additional 263 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Scorpio Tankers by 40.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 929 shares of the shipping company’s stock worth $46,000 after acquiring an additional 266 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Scorpio Tankers during the third quarter worth $68,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Scorpio Tankers by 850.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 979 shares of the shipping company’s stock valued at $49,000 after acquiring an additional 876 shares in the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STNG. Stifel Nicolaus cut their price target on Scorpio Tankers from $51.00 to $49.00 and set a “hold” rating on the stock in a report on Friday, February 14th. Jefferies Financial Group reissued a “buy” rating and set a $75.00 price objective on shares of Scorpio Tankers in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $68.75.

Scorpio Tankers Stock Down 7.3 %

Scorpio Tankers stock opened at $31.87 on Friday. The stock has a market cap of $1.59 billion, a PE ratio of 2.44 and a beta of -0.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.43 and a quick ratio of 2.39. The stock’s fifty day moving average is $42.00 and its two-hundred day moving average is $51.96. Scorpio Tankers Inc. has a 1-year low of $30.63 and a 1-year high of $84.67.

Scorpio Tankers (NYSE:STNG) last issued its earnings results on Wednesday, February 12th. The shipping company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.08). Scorpio Tankers had a return on equity of 18.01% and a net margin of 53.76%. On average, sell-side analysts expect that Scorpio Tankers Inc. will post 5.29 EPS for the current fiscal year.

Scorpio Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.60 dividend on an annualized basis and a yield of 5.02%. Scorpio Tankers’s dividend payout ratio (DPR) is presently 12.27%.

Scorpio Tankers Profile

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.