Teekay_Q4_2008_ER_Final.pdf (application/pdf Object).
I have been a little slow on putting up my thoughts on the Q4 and year-end results for Teekay Corp TK. I wanted to listen to the conference call first. Teekay is a diversified tanker company as well as the parent company of 3 focused tanker operations: Teekay LNG Partners TGP, Teekay Tankers [[TNK]] and Teekay Offshore Partners TOO.
For 2008 Teekay had net income of almost $4.00 per share excluding non-cash negative items. The $1.26 annual dividend is well covered. The company has been hard at work reducing exposure to the stumbling spot tanker market and increasing liquidity.
With the cash flow from the daughter companies plus locked in contracts, Teekay is in a strong financial position. They should be able to continue to pay the reasonable dividend and grow the fleet with new ship acquisitions. The daughter companies show higher yields and TGP and TOO have had better price appreciation Y-T-D. The parent company may be the sleeper of the Teekay family of companies.
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Teekay 4th quarter and year end results
Teekay_Q4_2008_ER_Final.pdf (application/pdf Object).
I have been a little slow on putting up my thoughts on the Q4 and year-end results for Teekay Corp TK. I wanted to listen to the conference call first. Teekay is a diversified tanker company as well as the parent company of 3 focused tanker operations: Teekay LNG Partners TGP, Teekay Tankers [[TNK]] and Teekay Offshore Partners TOO.
For 2008 Teekay had net income of almost $4.00 per share excluding non-cash negative items. The $1.26 annual dividend is well covered. The company has been hard at work reducing exposure to the stumbling spot tanker market and increasing liquidity.
With the cash flow from the daughter companies plus locked in contracts, Teekay is in a strong financial position. They should be able to continue to pay the reasonable dividend and grow the fleet with new ship acquisitions. The daughter companies show higher yields and TGP and TOO have had better price appreciation Y-T-D. The parent company may be the sleeper of the Teekay family of companies.