Teekay Plans New $25M Share Buyback Program

Teekay Corp TK announced a new share repurchase program and provided an update on the existing one.

The board of Directors authorized a new share repurchase program for up to $25 million ofcommon shares.

Also, the company disclosed repurchasing shares 4.40 million shares worth $25 million under its previously approved $30 million share repurchase program.

Since August 2022, Teekay has repurchased 10.87 million shares worth $55.0 million.

Last month, the company announced Q1 2023 revenues of $418.7 million and adjusted EPS of $0.52.

In Q1, the company generated a net operating cash flow of $155.4 million.

Price Action: TK shares traded higher by 6.66% at $6.16 on the last check Friday.

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