Corebridge Financial Inc. Decreases Position in Scorpio Tankers Inc. $STNG

Corebridge Financial Inc. reduced its stake in Scorpio Tankers Inc. (NYSE:STNG) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,835 shares of the shipping company’s stock after selling 324 shares during the quarter. Corebridge Financial Inc.’s holdings in Scorpio Tankers were worth $821,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in STNG. Pinnacle Holdings LLC purchased a new stake in shares of Scorpio Tankers in the first quarter valued at $26,000. Signaturefd LLC lifted its position in shares of Scorpio Tankers by 95.6% in the first quarter. Signaturefd LLC now owns 761 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 372 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Scorpio Tankers in the first quarter valued at $147,000. Rossby Financial LCC purchased a new stake in shares of Scorpio Tankers in the first quarter valued at $165,000. Finally, CWM LLC lifted its position in shares of Scorpio Tankers by 180.3% in the first quarter. CWM LLC now owns 4,959 shares of the shipping company’s stock valued at $186,000 after acquiring an additional 3,190 shares in the last quarter. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Jefferies Financial Group restated a “buy” rating and issued a $65.00 price objective on shares of Scorpio Tankers in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.50.

Scorpio Tankers Stock Performance

NYSE STNG opened at $52.98 on Friday. The business’s 50-day moving average price is $45.88 and its 200 day moving average price is $41.50. Scorpio Tankers Inc. has a twelve month low of $30.63 and a twelve month high of $74.67. The company has a market capitalization of $2.70 billion, a PE ratio of 7.22 and a beta of 0.04. The company has a current ratio of 4.95, a quick ratio of 4.83 and a debt-to-equity ratio of 0.28.

Scorpio Tankers (NYSE:STNG) last released its earnings results on Wednesday, July 30th. The shipping company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.38. Scorpio Tankers had a return on equity of 8.08% and a net margin of 39.18%.The firm had revenue of $222.76 million for the quarter, compared to the consensus estimate of $219.26 million. During the same period in the prior year, the business posted $3.60 earnings per share. The firm’s revenue for the quarter was down 39.5% compared to the same quarter last year. On average, research analysts predict that Scorpio Tankers Inc. will post 5.29 earnings per share for the current year.

Scorpio Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Wednesday, August 13th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.60 annualized dividend and a yield of 3.0%. Scorpio Tankers’s dividend payout ratio is 21.80%.

Scorpio Tankers Company 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.