Zacks Investment Research Downgrades Teekay Corp. (TK) to Sell
Teekay Corp. (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium size oil tankers. The Company’s modern fleet provides such transportation services to major oil companies, major oil traders and government agencies, principally in the region spanning from the Red Sea to the U.S. West Coast. “
A number of other research firms have also issued reports on TK. Jefferies Group reissued a “hold” rating and set a $9.00 price target on shares of Teekay Corp. in a report on Wednesday, July 6th. Credit Suisse Group AG set a $6.00 price target on Teekay Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. TheStreet lowered Teekay Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $14.25.
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Teekay Corp. (NYSE:TK) opened at 8.53 on Wednesday. Teekay Corp. has a 52-week low of $4.37 and a 52-week high of $35.20. The stock has a 50 day moving average price of $7.50 and a 200 day moving average price of $8.19. The company’s market capitalization is $723.62 million.
Teekay Corp. (NYSE:TK) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.07. Teekay Corp. had a positive return on equity of 0.74% and a negative net margin of 3.96%. The firm had revenue of $587.60 million for the quarter, compared to analyst estimates of $558.42 million. During the same quarter last year, the company posted $0.27 earnings per share. The business’s revenue was down .9% on a year-over-year basis. On average, equities analysts expect that Teekay Corp. will post ($0.38) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 16th. Shareholders of record on Friday, October 28th will be issued a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, October 26th. Teekay Corp.’s dividend payout ratio is presently -15.07%.
Large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board raised its stake in shares of Teekay Corp. by 122.1% in the first quarter. Canada Pension Plan Investment Board now owns 46,200 shares of the company’s stock worth $400,000 after buying an additional 25,400 shares in the last quarter. Riverhead Capital Management LLC acquired a new stake in shares of Teekay Corp. during the first quarter worth $2,390,000. Goldman Sachs Group Inc. raised its stake in shares of Teekay Corp. by 614.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,023,977 shares of the company’s stock worth $8,868,000 after buying an additional 880,735 shares in the last quarter. Bogle Investment Management L P DE raised its stake in shares of Teekay Corp. by 41.1% in the first quarter. Bogle Investment Management L P DE now owns 1,893,043 shares of the company’s stock worth $16,393,000 after buying an additional 551,829 shares in the last quarter. Finally, HBK Investments L P acquired a new stake in shares of Teekay Corp. during the first quarter worth $1,561,000. 47.71% of the stock is currently owned by institutional investors.
About Teekay Corp.
Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.
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