Cedar Capital LLC decreased its stake in Scorpio Tankers Inc. (NASDAQ:STNG) by 13.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 455,755 shares of the shipping company’s stock after selling 73,425 shares during the quarter. Cedar Capital LLC owned approximately 0.16% of Scorpio Tankers worth $1,563,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its position in Scorpio Tankers by 1.1% in the second quarter. The Manufacturers Life Insurance Company now owns 124,670 shares of the shipping company’s stock worth $495,000 after buying an additional 1,315 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Scorpio Tankers by 5.1% during the second quarter. Principal Financial Group Inc. now owns 27,152 shares of the shipping company’s stock worth $108,000 after purchasing an additional 1,316 shares in the last quarter. Comerica Securities Inc. grew its position in shares of Scorpio Tankers by 0.5% during the second quarter. Comerica Securities Inc. now owns 423,883 shares of the shipping company’s stock worth $1,683,000 after purchasing an additional 2,061 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Scorpio Tankers by 0.8% during the second quarter. Wells Fargo & Company MN now owns 558,058 shares of the shipping company’s stock worth $2,215,000 after purchasing an additional 4,320 shares in the last quarter. Finally, Nationwide Fund Advisors grew its position in shares of Scorpio Tankers by 4.0% during the second quarter. Nationwide Fund Advisors now owns 131,118 shares of the shipping company’s stock worth $521,000 after purchasing an additional 5,041 shares in the last quarter.
Several analysts recently issued reports on STNG shares. Zacks Investment Research upgraded Scorpio Tankers from a “sell” rating to a “hold” rating in a research report on Thursday. Credit Suisse Group set a $7.00 target price on Scorpio Tankers and gave the stock a “buy” rating in a research report on Monday, July 31st. Jefferies Group LLC reiterated a “buy” rating and set a $5.50 target price (down previously from $6.00) on shares of Scorpio Tankers in a research report on Saturday, July 22nd. BidaskClub cut Scorpio Tankers from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Finally, Stifel Nicolaus set a $8.00 price target on Scorpio Tankers and gave the company a “buy” rating in a research note on Monday, August 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Scorpio Tankers presently has a consensus rating of “Buy” and an average price target of $6.33.
TRADEMARK VIOLATION NOTICE: This piece of content was first reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece of content on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark law. The original version of this piece of content can be read at https://www.dispatchtribunal.com/2017/11/12/cedar-capital-llc-has-1-56-million-holdings-in-scorpio-tankers-inc-stng.html.
Scorpio Tankers Inc. (NASDAQ:STNG) traded down $0.01 during trading hours on Friday, hitting $3.43. The stock had a trading volume of 1,959,900 shares, compared to its average volume of 3,072,710. Scorpio Tankers Inc. has a 1-year low of $3.20 and a 1-year high of $4.93.
Scorpio Tankers (NASDAQ:STNG) last posted its quarterly earnings data on Monday, September 18th. The shipping company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.04). The company had revenue of $118.40 million during the quarter, compared to the consensus estimate of $130.03 million. Scorpio Tankers had a negative net margin of 57.63% and a negative return on equity of 19.98%. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis.
Scorpio Tankers Company 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).
Receive News & Ratings for Scorpio Tankers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Scorpio Tankers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.