2023-05-11 10:28:52 ET
Teekay Tankers ( NYSE: TNK ) +12.4% in Thursday's trading after reporting better than expected Q1 adjusted earnings and revenues , initiating a quarterly dividend and authorizing a new $100M stock buyback program.
The company said it is starting a regular, fixed quarterly cash dividend of $0.25/share with the first dividend relating to Q1, declared a special cash dividend of $1/share, and authorized a new share repurchase program of up to $100M of outstanding common shares.
Teekay Tankers ( TNK ) said it amassed a record quarterly net profit of $169.4M in Q1, swinging from a $13.9M loss in the year-earlier quarter, while revenues surged to $394.7M from $174M a year ago, as Q1 midsize crude tanker spot rates were the highest ever for the first quarter of any year.
Q1 adjusted EBITDA skyrocketed to $205.8M from $180.1K in Q4 2022 and $17.7K in the prior-year quarter.
Teekay Tankers' ( TNK ) Q1 Suezmax spot TCE surged to $55,891/day from $13,786/day in the year-earlier quarter, and its Q1 Aframax spot TCE jumped to $67,346/day from $16,229/day a year ago.
More on Teekay Tankers:
- See financial and valuation comparisons to sector peers
- SA analysis: Attractive Valuation Overshadowed By OPEC's De-Dollarization Efforts
- Stock price return: Up 53% YTD, up 187% in the past 12 months
For further details see:
Teekay Tankers starts quarterly dividend, $100M buyback after record Q1 profit