Prudential Financial Inc. Sells 120,500 Shares of Scorpio Tankers Inc. (STNG)
Prudential Financial Inc. reduced its holdings in Scorpio Tankers Inc. (NASDAQ:STNG) by 9.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,186,462 shares of the shipping company’s stock after selling 120,500 shares during the quarter. Prudential Financial Inc. owned approximately 0.73% of Scorpio Tankers worth $4,710,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of STNG. Principal Financial Group Inc. lifted its position in shares of Scorpio Tankers by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 25,836 shares of the shipping company’s stock worth $115,000 after buying an additional 3,377 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Scorpio Tankers in the 1st quarter worth about $129,000. Nisa Investment Advisors LLC bought a new position in shares of Scorpio Tankers in the 1st quarter worth about $158,000. Karp Capital Management Corp bought a new position in shares of Scorpio Tankers in the 1st quarter worth about $164,000. Finally, KCG Holdings Inc. lifted its position in shares of Scorpio Tankers by 238.6% in the 1st quarter. KCG Holdings Inc. now owns 45,238 shares of the shipping company’s stock worth $201,000 after buying an additional 31,877 shares during the last quarter.
Shares of Scorpio Tankers Inc. (STNG) opened at 3.47 on Wednesday. Scorpio Tankers Inc. has a 52-week low of $3.20 and a 52-week high of $5.01. The company’s market capitalization is $564.61 million. The firm’s 50 day moving average is $3.58 and its 200-day moving average is $3.91.
Scorpio Tankers (NASDAQ:STNG) last posted its earnings results on Monday, September 18th. The shipping company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.04). Scorpio Tankers had a negative return on equity of 3.53% and a negative net margin of 9.39%. The firm had revenue of $118.40 million during the quarter, compared to the consensus estimate of $130.03 million. The firm’s revenue for the quarter was down 13.7% on a year-over-year basis. Equities research analysts anticipate that Scorpio Tankers Inc. will post ($0.01) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Monday, September 25th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, September 22nd.
Several brokerages recently weighed in on STNG. Seaport Global Securities reiterated a “buy” rating and issued a $7.50 price objective on shares of Scorpio Tankers in a research report on Thursday, May 25th. 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. Jefferies Group LLC reiterated a “buy” rating and issued a $5.50 price objective (down from $6.00) on shares of Scorpio Tankers in a research report on Saturday, July 22nd. BidaskClub downgraded shares of 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 objective on shares of Scorpio Tankers and gave the company a “buy” rating in a research report on Monday, August 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $6.44.
TRADEMARK VIOLATION WARNING: “Prudential Financial Inc. Sells 120,500 Shares of Scorpio Tankers Inc. (STNG)” was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this report on another site, it was illegally copied and reposted in violation of United States & international copyright laws. The original version of this report can be viewed at https://www.thecerbatgem.com/2017/09/20/prudential-financial-inc-sells-120500-shares-of-scorpio-tankers-inc-stng.html.
About Scorpio Tankers
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).
Want to see what other hedge funds are holding STNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Scorpio Tankers Inc. (NASDAQ:STNG).
Receive News & Stock 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 stocks with our FREE daily email newsletter.