Shares of Teekay Corporation (NYSE: TK), a leading provider of international crude oil marine transportation, surged over 6% in after-hours trading on Tuesday following the company's third quarter 2024 earnings release and several key announcements.
Despite reporting a year-over-year decline in earnings and revenue for the quarter, Teekay's stock rallied as the company unveiled plans to return significant capital to shareholders. Notably, the company declared a one-time special cash dividend of $1.00 per outstanding common share, payable on December 18, 2024, to shareholders of record as of December 4, 2024.
Additionally, Teekay's Board of Directors authorized a new $40 million share repurchase program, allowing the company to repurchase its outstanding common shares in the open market or through private transactions. This move is expected to boost shareholder value by reducing the number of outstanding shares.
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