Scorpio Tankers repurchases 1.27 million shares for $164 million Ship’s crew

Scorpio Tankers Inc. (NYSE: STNG) announced it is repurchasing its common stock as part of its $250 million stock repurchase program announced in February.

The most recent purchase includes 1,269,864 common shares purchased on the open market at an average price of $54.30 per share.

The announcement comes as tanker inventories dwindled on Monday following OPEC+’s shock decision to cut oil production by about 1 million barrels a day. Shares of Scorpio Tankers fell over 4% before rebounding 2% in after-hours trading after the share buyback announcement.

As of January 1, 2023, Scorpio Tankers has repurchased a total of 3,161,167 common shares on the open market for $164.0 million. To date, Scorpio Tankers currently has 59,900,921 shares issued and outstanding and $181.0 million available under its current stock repurchase program.

Scorpio Tankers has been busy buying back its shares since July. During the third quarter of 2022, the Company repurchased a total of 2,241,881 of its common shares at an average price of $37.87 per share followed by 1,667,992 common shares on the open market at an average price of $45.85 per share in the fourth quarter were bought in 2022.

On February 15, 2023, the Board of Directors of Scorpio Tankers approved a new stock repurchase program replacing the previous program which was approved on October 31, 2022. The new security repurchase program includes Scorpio Tankers common stock and its senior unsecured notes maturing in 2025 (NYSE: SBBA).

Overall, Scorpio Tankers has been active in repurchasing its securities for the past 9 months, with a total of 7,071,040 common shares repurchased since July 2022.

Scorpio Tankers is a global provider of marine transport of petroleum products with 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) either owned, financed or chartered bareboat and with an average age of 7.2 years.

Related Articles

Back to top button