Teekay Tankers up on surprise dividend, $100 mln buyback plan

Teekay Tankers

11/05/2023 16:07

** Shares of Teekay Tankers Ltd  TNK.N  rise 13% to $44.25
    ** Co initiates a quarterly dividend of $0.25 per share and
authorizes a new share repurchase program of up to $100 million
    ** Also declares special cash dividend of $1.00 per share
    ** Co beats Q1 profit estimates, where adj profit came in at
$5.13 per share vs analysts' average estimate of $4.28 -
Refinitiv 
    ** Brokerage Jefferies says TNK reported its best ever
quarterly results, citing strong demand for its mid-size crude
tankers and higher spot charter rates  
    ** TNK up 43% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))