2024-06-02 19:44:43 ET
Summary
- Shares of Teekay Corporation are up by 30% since my last update on the company due to renewed strength in shares of its main consolidated subsidiary, Teekay Tankers.
- In Q2, the company received $22 million in dividends from Teekay Tankers, which should lift the net cash position to well above $300 million at the end of Q2.
- As Teekay Corporation's discount to net asset value has narrowed considerably, I wouldn't chase the shares aggressively at current levels.
- However, with the outlook for the tanker market still strong, the stock remains a solid "Hold" position.
Note:
I have covered Teekay Corporation ( TK ) previously, so investors should view this as an update to my earlier articles on the company. ...
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Teekay Corporation: Downgrading On Valuation But Still A Solid Hold Position