Vanguard Group Inc. lessened its stake in Scorpio Tankers Inc. (NYSE:STNG) by 16.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 763,843 shares of the shipping company’s stock after selling 150,959 shares during the quarter. Vanguard Group Inc. owned about 0.47% of Scorpio Tankers worth $3,033,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp grew its stake in Scorpio Tankers by 2.4% in the second quarter. Northern Trust Corp now owns 1,797,367 shares of the shipping company’s stock valued at $7,136,000 after acquiring an additional 41,353 shares during the period. GSA Capital Partners LLP acquired a new position in Scorpio Tankers in the second quarter valued at about $154,000. New York State Common Retirement Fund grew its stake in Scorpio Tankers by 12.3% in the second quarter. New York State Common Retirement Fund now owns 170,400 shares of the shipping company’s stock valued at $676,000 after acquiring an additional 18,699 shares during the period. Investec Asset Management LTD grew its stake in Scorpio Tankers by 6.3% in the second quarter. Investec Asset Management LTD now owns 4,080,901 shares of the shipping company’s stock valued at $16,201,000 after acquiring an additional 241,429 shares during the period. Finally, Laurion Capital Management LP acquired a new position in Scorpio Tankers in the second quarter valued at about $7,943,000. Institutional investors and hedge funds own 65.37% of the company’s stock.
Scorpio Tankers Inc. (STNG) traded down $0.13 during mid-day trading on Wednesday, hitting $3.02. The stock had a trading volume of 3,387,800 shares, compared to its average volume of 3,180,833. The company has a quick ratio of 0.99, a current ratio of 1.03 and a debt-to-equity ratio of 1.59. Scorpio Tankers Inc. has a 52 week low of $3.02 and a 52 week high of $4.93.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Wednesday, December 13th will be given a dividend of $0.01 per share. The ex-dividend date is Tuesday, December 12th. This represents a $0.04 annualized dividend and a yield of 1.32%. Scorpio Tankers’s dividend payout ratio (DPR) is presently -5.06%.
STNG has been the subject of a number of research analyst reports. Credit Suisse Group reissued a “buy” rating and issued a $7.00 target price on shares of Scorpio Tankers in a research note on Tuesday, September 19th. Stifel Nicolaus set a $8.00 price objective on Scorpio Tankers and gave the stock a “buy” rating in a research report on Monday, August 28th. BidaskClub raised Scorpio Tankers from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Zacks Investment Research raised Scorpio Tankers from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, Morgan Stanley reduced their price objective on Scorpio Tankers from $5.50 to $5.00 and set an “overweight” rating for the company in a research report on Friday, November 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $6.33.
Scorpio Tankers Profile
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, LR1/Panamax and LR2. As of March 15, 2017, the Company’s fleet consisted of 78 owned tankers (22 LR2, 14 Handymax and 42 MR) with a weighted average age of approximately 2.3 years, and 19 time or bareboat chartered-in tankers, which it operated (one LR2, one LR1, eight MR and nine Handymax) (collectively referred to as its Operating Fleet).
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