6,287 Shares in Scorpio Tankers Inc. (NYSE:STNG) Bought by Boothbay Fund Management LLC

Posted by Defense World Staff on Mar 4th, 2023

Boothbay Fund Management LLC bought a new stake in Scorpio Tankers Inc. (NYSE:STNG – Get Rating) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,287 shares of the shipping company’s stock, valued at approximately $264,000.

A number of other hedge funds have also recently made changes to their positions in STNG. US Bancorp DE raised its holdings in Scorpio Tankers by 38.7% in the 2nd quarter. US Bancorp DE now owns 1,082 shares of the shipping company’s stock valued at $37,000 after buying an additional 302 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Scorpio Tankers by 3.1% during the second quarter. International Assets Investment Management LLC now owns 10,353 shares of the shipping company’s stock worth $357,000 after purchasing an additional 308 shares during the period. First Trust Advisors LP lifted its holdings in shares of Scorpio Tankers by 3.6% during the first quarter. First Trust Advisors LP now owns 12,099 shares of the shipping company’s stock worth $259,000 after purchasing an additional 418 shares during the period. Nisa Investment Advisors LLC bought a new stake in shares of Scorpio Tankers in the second quarter worth $28,000. Finally, Cipher Capital LP increased its holdings in Scorpio Tankers by 12.3% in the third quarter. Cipher Capital LP now owns 10,285 shares of the shipping company’s stock valued at $432,000 after purchasing an additional 1,129 shares during the period. 54.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STNG has been the topic of several recent research reports. Jefferies Financial Group lifted their target price on Scorpio Tankers from $68.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. BTIG Research lifted their price objective on Scorpio Tankers from $60.00 to $70.00 in a research note on Friday, December 9th. StockNews.com raised shares of Scorpio Tankers from a “hold” rating to a “buy” rating in a research report on Friday, February 24th. B. Riley boosted their price target on shares of Scorpio Tankers from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Scorpio Tankers from $52.00 to $55.00 and gave the company a “hold” rating in a research note on Thursday, January 12th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Scorpio Tankers Price Performance

Scorpio Tankers stock opened at $59.10 on Friday. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 5.83, a PEG ratio of 0.20 and a beta of 0.42. Scorpio Tankers Inc. has a 52-week low of $16.40 and a 52-week high of $64.20. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.42 and a current ratio of 1.45. The stock’s 50 day moving average price is $53.70 and its two-hundred day moving average price is $49.18.

Scorpio Tankers (NYSE:STNG – Get Rating) last issued its earnings results on Thursday, February 16th. The shipping company reported $4.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.38 by ($0.14). Scorpio Tankers had a return on equity of 33.75% and a net margin of 40.78%. The company had revenue of $493.70 million for the quarter, compared to the consensus estimate of $446.96 million. During the same period in the prior year, the company earned ($0.79) earnings per share. The firm’s revenue was up 233.8% compared to the same quarter last year. On average, equities analysts predict that Scorpio Tankers Inc. will post 9.01 earnings per share for the current year.

Scorpio Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Tuesday, March 7th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.35%. This is a positive change from Scorpio Tankers’s previous quarterly dividend of $0.10. The ex-dividend date is Monday, March 6th. Scorpio Tankers’s payout ratio is presently 3.91%.

About Scorpio Tankers

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Scorpio Tankers, Inc engages in the provision of marine transportation of petroleum products. Its consists of wholly owned, finance leased, and bareboat chartered-in tankers. It operates through the following segments: MR, LR2, Handymax, and LR1. The company was founded by Emanuele A. Lauro on July 1, 2009 and is headquartered in Monaco.