Teekay Boosts Quarterly Dividend 15 Percent

Wednesday, October 08, 2008

Oil tanker operator Teekay Corp. said Tuesday it will increase its quarterly dividend by 15 percent to 31.625 cents per share, from 27.5 cents previously.

The dividend will be paid on Oct. 31 to shareholders of record on Oct. 17.

The Bermuda-based company also said it will repurchase $200 million of its shares, or about 14 percent of shares outstanding based on Monday's prices. Share repurchases take a company's shares out of circulation, boosting profits that are measured on a per-share basis.

Teekay shares rose $1.38, or 7.1 percent, to $20.80 on Tuesday. They're still near the low end of their 52-week range of $18.50 to $60.46.

Source:  Forbes

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