Scorpio Tankers Inc. (STNG) gained a further 8.01% in the after-hours, following the announcement of Purchase of Call Options by the company’s president.
In the prior trading session, the stock fluctuated between $11.50 and $12.55 at 2.19 million shares. The stock then closed the session at $12.36, gaining 5.64% or $0.66 on December 06. Following the announcement in the after-hours, the stock went up to reach $13.35 at 73.53K shares.
STNG and its Movement
The petroleum products’ marine transporter Scorpio Tankers Inc. (STNG) was incorporated in 2009. Currently, the company has a market capitalization of $682.92 million with its 58.37 million outstanding shares.
In the past five trading sessions, STNG stock has gone down by 11.14% and 24.63% last month. Moreover, it has lost 29.33% in the past three months, while gaining 10.46% year to date.
Purchase of Call Options
On December 06, STNG announced the purchase of call options by the company’s president, Robert Bugbee. According to this, for a total consideration of $825,000, the president purchased call options of 300,000 aggregate common shares. Moreover, the expiration of the call option contracts is January 2023, while its strike price is $15.00.
The company has been announcing such purchase of call options very frequently after earnings reports. The most recent such announcements took place on August 9, 11, 12, and 16, 2021. Moreover, all these announcements happened after the company’s second-quarter financials were declared on August 5, 2021.
STNG’s Financial Results
The company declared its financial results for the three and nine months ended September 30, on November 11, 2021. As per the third quarter of 2021, the company incurred a net loss of $73.3 million. This compares to a net loss of $20.2 million in the third quarter of 2020.
Moreover, the net loss for the first nine months of 2021, was $188.4 million against a net income of $170.4 million in the year-ago period.
Dividend Declaration
A quarterly cash dividend per common share of $0.10 was declared by STNG’s board of directors on November 10, which was announced along with the financial results. Further, the dividend was announced to be payable on or about December 15, with December 3 as the record date.
