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. It's understandable that the stock popped given the buyback and dividend news. What's encouraging to me is that energy companies have cut back on investment in new capacity across the board, choosing instead to become cash-flow businesses.