07:56 AM EDT, 09/09/2024 (MT Newswires) -- Teekay ( TK ) said Monday that its board has authorized a new share buyback program for the repurchase of up to $40 million common stock.

The shipping company said it has nearly completed a previous $25 million repurchase program initiated in August 2022, buying back about 3.3 million shares at an average price of $7.49 each.

Teekay ( TK ) shares were down 1.1% in recent premarket activity.

Price: 7.81, Change: -0.09, Percent Change: -1.14