Renaissance Technologies LLC Cuts Stock Position in Scorpio Tankers Inc. $STNG

Renaissance Technologies LLC cut its stake in shares of Scorpio Tankers Inc. (NYSE:STNG) by 3.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,185,215 shares of the shipping company’s stock after selling 37,800 shares during the period. Renaissance Technologies LLC’s holdings in Scorpio Tankers were worth $88,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STNG. Global Retirement Partners LLC increased its stake in Scorpio Tankers by 1,645.2% in the 4th quarter. Global Retirement Partners LLC now owns 541 shares of the shipping company’s stock valued at $27,000 after buying an additional 510 shares during the period. Assetmark Inc. acquired a new stake in shares of Scorpio Tankers in the 1st quarter worth $28,000. Zions Bancorporation National Association UT purchased a new stake in shares of Scorpio Tankers in the fourth quarter valued at about $29,000. Smartleaf Asset Management LLC boosted its holdings in shares of Scorpio Tankers by 154.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the shipping company’s stock valued at $33,000 after acquiring an additional 392 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Scorpio Tankers in the third quarter valued at about $36,000. 54.64% of the stock is currently owned by hedge funds and other institutional investors.

Scorpio Tankers Price Performance

Shares of NYSE STNG opened at $79.34 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 13.87 and a current ratio of 13.98. Scorpio Tankers Inc. has a one year low of $43.40 and a one year high of $87.39. The firm has a market capitalization of $4.00 billion, a P/E ratio of 7.80 and a beta of -0.24. The company’s fifty day moving average is $77.18 and its two-hundred day moving average is $73.19.

Scorpio Tankers (NYSE:STNG) last announced its quarterly earnings results on Wednesday, May 6th. The shipping company reported $3.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.23. Scorpio Tankers had a net margin of 48.44% and a return on equity of 11.72%. The business had revenue of $312.86 million during the quarter, compared to the consensus estimate of $286.81 million. During the same quarter last year, the firm posted $1.03 EPS. The business’s revenue was up 46.2% compared to the same quarter last year. Analysts forecast that Scorpio Tankers Inc. will post 12.15 EPS for the current fiscal year.

Scorpio Tankers Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, May 29th. Scorpio Tankers’s dividend payout ratio is presently 17.70%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on STNG shares. Zacks Research raised shares of Scorpio Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. BTIG Research lifted their price objective on Scorpio Tankers from $85.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Morgan Stanley set a $82.00 target price on Scorpio Tankers and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Jefferies Financial Group started coverage on Scorpio Tankers in a research note on Friday, April 24th. They set a “buy” rating and a $90.00 target price for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Scorpio Tankers in a report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $88.14.

Scorpio Tankers Company Profile

Scorpio Tankers Inc (NYSE: STNG) is an independent provider of marine transportation services, specializing in the carriage of refined petroleum products. The company’s core operations focus on moving clean petroleum cargoes—such as gasoline, diesel, jet fuel and naphtha—on a global scale. By catering to both spot and time charter markets, Scorpio Tankers enables energy companies, refiners and traders to manage their supply chains with flexibility and reliability.

The company’s fleet is composed of modern, eco-designed product tankers, including medium range (MR) and long range (LR) vessels.