Spain's Coba Asset Management has doubled its stake in Teekay Corp in less than two months, bringing the financial firm's stake above 10%, and has splashed out on a significant slice of Teekay LNG.
The Madrid-based outfit told the US Securities & Exchange Commission that it controls 8.68 million shares in Teekay Corp, the New York-listed parent of the Teekay tanker, LNG carrier and offshore vessel group.
That gives it a nearly 10.1% stake in Vancouver-based company. That would be worth $54.3m at today's prices on the New York Stock Exchange.
In April, the company said it had 3.7 million Teekay shares, giving it a 5.1% holding.
Coba also said that it owns 4.02 million shares in Teekay LNG, which owns tankers, LPG carriers and LNG carriers.
That translates into a 5.05% stake worth $58.5m.
Founded by Francisco Garcia Parames, Coba describes itself as focused on making long-term plays on undervalued assets.
"This is one of the best value investors in the world who has just recently doubled his stake from 5% to 10% of the company [Teekay]," said J Mintzmyer, who is a lead researcher for Value Investor's Edge and a blogger for Seeking Alpha.
"He bought his first shares around $9 per share with a target around $19, so this represents enormous upside conviction."
Mintzmyer, who says Teekay is his top pick among shipping stocks, said the company's Teekay Offshore spinoff's activities are massively misunderstood. Teekay Offshore is one of three daughter companies under the Teekay Corp umbrella.
