Clear Harbor Asset Management LLC grew its position in Scorpio Tankers Inc. (NASDAQ:STNG) by 9.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 523,045 shares of the shipping company’s stock after acquiring an additional 44,030 shares during the quarter. Clear Harbor Asset Management LLC owned about 0.29% of Scorpio Tankers worth $1,794,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Scorpio Tankers by 15.0% in the first quarter. Principal Financial Group Inc. now owns 25,836 shares of the shipping company’s stock valued at $115,000 after acquiring an additional 3,377 shares during the period. Jane Street Group LLC bought a new position in shares of Scorpio Tankers in the first quarter worth about $129,000. MML Investors Services LLC grew its holdings in shares of Scorpio Tankers by 137.2% in the second quarter. MML Investors Services LLC now owns 36,743 shares of the shipping company’s stock worth $146,000 after purchasing an additional 21,250 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Scorpio Tankers in the first quarter worth about $164,000. Finally, GSA Capital Partners LLP bought a new position in shares of Scorpio Tankers in the second quarter worth about $154,000.
Several brokerages have issued reports on STNG. Stifel Nicolaus set a $8.00 target price on shares of Scorpio Tankers and gave the stock a “buy” rating in a report on Monday, August 28th. BidaskClub cut shares of Scorpio Tankers from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $5.50 price target (down from $6.00) on shares of Scorpio Tankers in a report on Saturday, July 22nd. Credit Suisse Group set a $7.00 price objective on shares of Scorpio Tankers and gave the company a “buy” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research lowered shares of Scorpio Tankers from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Scorpio Tankers currently has a consensus rating of “Buy” and an average price target of $6.33.
Scorpio Tankers Inc. (STNG) traded down $0.01 during trading on Friday, reaching $3.43. 1,959,900 shares of the company were exchanged, 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 announced its earnings results 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). Scorpio Tankers had a negative return on equity of 19.98% and a negative net margin of 57.63%. The business had revenue of $118.40 million for the quarter, compared to analyst estimates of $130.03 million. The firm’s revenue was down 13.7% on a year-over-year basis.
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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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