Why Teekay Tankers Popped 14.9% Today

Shares of oil shipping company Teekay Tankers (NYSE: TNK) jumped as much as 14.9% in trading on Thursday after the company reported first-quarter 2023 financial results. Shares closed the day up 12.7%.

Total revenue more than doubled to $394.7 million and the company swung from a net loss a year ago to net income of $169.4 million, or $4.97 per share. Net debt was also reduced by nearly 50% to $181.9 million.

Results were slightly better than the fourth quarter, so no major surprises. But management did announce a $100 million share repurchase plan and a $1-per-share special dividend. That's a big buyback for a company that has a market cap of $1.5 billion even after today's pop.

Source Fool.com