Teekay Corp. Upgraded to Overweight by Barclays Capital (TK)
Teekay Corp. (NYSE:TK) was upgraded by investment analysts at Barclays Capital from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday, StockRatingsNetwork reports. The firm currently has a $56.00 price objective on the stock, up from their previous price objective of $35.00. Barclays Capital’s price target would suggest a potential upside of 37.69% from the company’s current price.
Teekay Corp. (NYSE:TK) traded up 2.51% during mid-day trading on Wednesday, hitting $41.69. The stock had a trading volume of 186,683 shares. Teekay Corp. has a 52 week low of $28.88 and a 52 week high of $43.40. The stock’s 50-day moving average is $40.80 and its 200-day moving average is $38.61. The company’s market cap is $2.948 billion.
Teekay Corp. (NYSE:TK) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.47) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.26) by $0.21. The company had revenue of $430.70 million for the quarter, compared to the consensus estimate of $418.34 million. During the same quarter in the prior year, the company posted ($0.25) earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, analysts predict that Teekay Corp. will post $-1.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a dividend of $0.32 per share. This represents a $1.27 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Friday, October 11th.
A number of other firms have also recently commented on TK. Analysts at TheStreet downgraded shares of Teekay Corp. from a “buy” rating to a “hold” rating in a research note to investors on Thursday, August 15th. Analysts at Jefferies Group raised their price target on shares of Teekay Corp. from $43.00 to $47.00 in a research note to investors on Tuesday, July 23rd. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $42.00.
Teekay Corporation (NYSE:TK) is a provider of international crude oil and gas marine transportation services and it also offer offshore oil production, storage and offloading services, under long-term, fixed-rate contracts.
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