The parent of New York-listed Teekay Tankers has continued to increase its holding through share purchases.
Teekay Corp bought an additional 342,004 A-class shares of the suezmax, aframax and LR2 specialist in open market transactions for $20.8m, a filing to the US Securities and Exchange Commission shows.
The deals were done using cash from working capital over the last week, at between $59.40 and $61.92 per share.
Teekay Corp now holds 20.2% of the outstanding A-class shares, up from 19.1%. Including B-class shares, the company’s total ownership stands at 31%.
Earlier in October, Teekay Corp snapped up 505,600 A-class shares in $29.1m of deals.
Teekay Tankers closed at $59.23 in New York on Friday, up 0.3%.
Norwegian investment bank Fearnley Securities pegs Teekay Tankers’ net asset value at $72 per share, so equity is being acquired at 80% of NAV.
Kenneth Hvid is the chief executive of both companies.
Last month, New York-listed Teekay Corp said it had completed a $25m stock repurchase programme, buying back 3.25m of its own shares.
New buyback scheme
Since August 2022, Teekay Corp has repurchased 14.97m shares, or 14.7% of the capital, for $84.4m.
A new scheme has now been authorised by the board, worth up to $40m.
Teekay Tankers, an owner and operator of 54 vessels, saw profit slide in the second quarter.
Net income was $107m, against $151.2m the year before.
The owner attributed the fall to a combination of factors, including a lower spot market, where it employs 50 of its tankers, a smaller fleet following the sale of ships and a higher number of scheduled dry dockings.
