Summary
- Updating investors on a number of recent, positive developments.
- Value of the company's stake in Teekay Tankers has more than doubled in recent months as Russia's assault on Ukraine has reshaped tanker markets.
- Teekay managed to sell its last remaining FPSO unit in July with sales proceeds expected to largely cover its exit from the FPSO segment later this year.
- The company recently announced a $30 million share repurchase program which I would expect to be utilized sooner rather than later given the shares' large discount to net asset value.
- Speculative investors with the ability to keep a close eye on tanker markets should consider using temporary setbacks to scale into the shares.
For further details see:
Teekay Corp. - Buy On Excessive Discount To NAV Despite Vastly Improved Outlook