Oil prices are rising slightly today. While West Texas Intermediate and Brent Crude, two benchmarks, are both up more than 0.8%, bulls are downright energized about picking up shares of Teekay Corporation (NYSE: TK) thanks to the company's announcement about its investor-friendly capital allocation plans.

As of 12:07 p.m. ET, shares of the oil shipping stock are up 10.4%.

In an effort to return capital to shareholders, Teekay announced that its board of directors has authorized a share repurchase program of up to $30 million. The timing of the repurchases is up to the company's discretion.

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Source Fool.com