Scorpio Tankers announces agreement to acquire 7.5M shares Scorpio Tankers announced that it has entered into an agreement whereby the company will purchase from an existing shareholder 7.5M common shares of the company in exchange for the sale to said shareholder of 3.42M common shares the company currently owns in Dorian LPG in a privately negotiated transaction. As a result of the disposal of the 3.42M Dorian shares, the Company will recognize a gain of approximately $11M and its ownership in Dorian will be reduced to 9.4M shares. This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close in June. In addition to the transaction announced today, the company has repurchased 2.76M of its common shares at an average price of $8.89 per share before commissions. As of today, the company has $75.3M remaining on its $100M stock buyback authorization, which was announced on April 28. The Company also announced that it has recently taken delivery of four product tankers under its Newbuilding Program.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Hold at Deutsche Bank... CONSOL (CNX) downgraded to Hold from Buy at Deutsche Bank... Catamaran (CTRX) downgraded to Market Perform from Outperform at BMO Capital... Comerica (CMA) downgraded to Neutral from Buy at Guggenheim... Gannett (GCI) downgraded to Market Perform from Outperform at FBR Capital... Magnum Hunter (MHR) downgraded to Hold from Buy at Wunderlich... Qualcomm (QCOM) downgraded to Market Perform from Outperform at FBR Capital... Regions Financial (RF) downgraded to Neutral from Buy at Guggenheim... SAP (SAP) downgraded at Wells Fargo... Sanderson Farms (SAFM) downgraded to Underweight from Sector Weight at KeyBanc... Scorpio Tankers (STNG) downgraded to Neutral from Accumulate at Global Hunter... Simpson Manufacturing (SSD) downgraded to Neutral from Buy at DA Davidson... Skyworks (SWKS) downgraded at Stephens... TripAdvisor (TRIP) downgraded to Hold from Buy at Needham... Western Union (WU) downgraded to Neutral from Positive at Susquehanna... Zillow Group (Z) downgraded to Equal Weight from Overweight at Barclays.