Teekay Announces Share Repurchases and New Buyback Plan

Teekay (TK) has released an update.

Teekay Corporation has nearly completed its $25 million share repurchase program, buying back 14.97 million shares at an average price of $5.64 each, and announces a new $40 million share repurchase initiative. The buybacks, which represent 14.7% of the pre-repurchase outstanding shares, will continue to be conducted in the open market or through private transactions, in compliance with SEC rules. The company, a major player in crude oil marine transportation, trades on the New York Stock Exchange under the symbol ‘TK’.

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