Malaga Cove Capital LLC increased its position in shares of Scorpio Tankers Inc. (NASDAQ:STNG) by 7.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,190 shares of the shipping company’s stock after buying an additional 10,328 shares during the period. Malaga Cove Capital LLC owned about 0.10% of Scorpio Tankers worth $633,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. Impala Asset Management LLC bought a new stake in shares of Scorpio Tankers during the first quarter valued at approximately $14,042,000. Boston Partners increased its stake in shares of Scorpio Tankers by 47.6% in the first quarter. Boston Partners now owns 4,782,108 shares of the shipping company’s stock worth $21,233,000 after buying an additional 1,542,838 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of Scorpio Tankers by 55.5% in the first quarter. Nuveen Asset Management LLC now owns 2,693,022 shares of the shipping company’s stock worth $11,957,000 after buying an additional 960,735 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Scorpio Tankers during the first quarter worth approximately $3,267,000. Finally, Wellington Management Group LLP increased its stake in shares of Scorpio Tankers by 3.6% in the first quarter. Wellington Management Group LLP now owns 19,933,081 shares of the shipping company’s stock worth $88,503,000 after buying an additional 684,099 shares during the last quarter.
Shares of Scorpio Tankers Inc. (NASDAQ STNG) remained flat at $3.53 during midday trading on Wednesday. The company had a trading volume of 177,160 shares. Scorpio Tankers Inc. has a one year low of $3.42 and a one year high of $5.53. The company’s 50 day moving average price is $3.80 and its 200 day moving average price is $4.01. The company’s market capitalization is $574.37 million.
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Several brokerages have weighed in on STNG. BidaskClub raised Scorpio Tankers from a “strong sell” rating to a “sell” rating in a report on Thursday, August 3rd. Credit Suisse Group set a $7.00 price target on 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 previously from $6.00) on shares of Scorpio Tankers in a report on Saturday, July 22nd. Seaport Global Securities reissued a “buy” rating and issued a $7.50 target price on shares of Scorpio Tankers in a research note on Thursday, May 25th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $8.00 price objective on shares of Scorpio Tankers in a research report on Thursday, May 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $6.44.
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).
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