Teekay Plans New $25M Share Buyback Program
Portfolio Pulse from Lekha Gupta
Teekay Corp (NYSE:TK) announced a new $25 million share repurchase program and provided an update on the existing one. The company has repurchased 10.87 million shares worth $55 million since August 2022. In Q1 2023, Teekay reported revenues of $418.7 million and adjusted EPS of $0.52.
June 09, 2023 | 2:28 pm
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Teekay Corp announced a new $25 million share buyback program, which may boost investor confidence. The company has repurchased $55 million worth of shares since August 2022 and reported strong Q1 2023 revenues.
The announcement of a new share repurchase program indicates that the company believes its shares are undervalued and is willing to invest in itself. This can boost investor confidence and potentially drive the stock price up. Additionally, the strong Q1 2023 revenues show that the company is performing well financially, which can also positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100