market folly

Eric Mindich's hedge fund firm Eton Park Capital just filed a 13G with the SEC revealing a new equity stake in Teekay (TK).

Per the filing, they now own a 6.51% ownership stake in the company with 475,000 shares and options to purchase 4,000,000 shares.

The company spun off various operations over the last couple of years. It holds stakes in Teekay LNG Partners (TGP), Teekay Offshore Partners (TOO), and Teekay Tankers (TNK).

Wells Fargo recently upgraded its price target on the company to $38-41 (shares currently trade around $35). They feel that the company is undervalued and it will likely raise its dividend in 2013 and could possible boost its buyback later in 2012.

Per Google Finance, Teekay is "a provider of international crude oil and gas marine transportation services. It also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. With a fleet of over 150 vessels, offices in 16 countries, Teekay provides marine services to the oil and gas companies, helping them link their upstream energy production to their downstream processing operations."