Zacks Investment Research Downgrades Teekay Corporation (TK) to Strong Sell

Posted by ABMN Staff on Feb 24th, 2017

Teekay Corporation (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Friday.

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. “

Several other research firms have also commented on TK. Credit Suisse Group set a $6.00 price target on shares of Teekay Corporation and gave the company a “hold” rating in a research report on Sunday, November 6th. Jefferies Group LLC upped their price objective on shares of Teekay Corporation from $7.00 to $8.50 and gave the company a “hold” rating in a report on Monday, January 23rd. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Teekay Corporation has an average rating of “Hold” and a consensus target price of $7.56.

Teekay Corporation (NYSE:TK) traded down 4.98% during trading on Friday, hitting $9.92. 2,130,966 shares of the company were exchanged. The stock’s market capitalization is $849.60 million. Teekay Corporation has a 1-year low of $5.45 and a 1-year high of $11.85. The firm’s 50 day moving average price is $9.96 and its 200-day moving average price is $8.13.

Teekay Corporation (NYSE:TK) last released its quarterly earnings results on Thursday, February 23rd. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.12. The firm had revenue of $552.20 million for the quarter, compared to analysts’ expectations of $545.38 million. Teekay Corporation had a negative net margin of 3.32% and a positive return on equity of 0.13%. The business’s quarterly revenue was down 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Equities analysts predict that Teekay Corporation will post ($0.34) EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 15th. Investors of record on Friday, January 27th were issued a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, January 25th. This represents a $0.22 annualized dividend and a yield of 2.22%. Teekay Corporation’s dividend payout ratio (DPR) is presently -18.03%.

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A number of institutional investors have recently modified their holdings of TK. Waratah Capital Advisors Ltd. acquired a new position in shares of Teekay Corporation during the fourth quarter valued at $126,000. Creative Planning increased its position in shares of Teekay Corporation by 2.0% in the third quarter. Creative Planning now owns 23,880 shares of the company’s stock valued at $184,000 after buying an additional 465 shares during the period. Bank of Montreal Can increased its position in shares of Teekay Corporation by 55.4% in the third quarter. Bank of Montreal Can now owns 25,562 shares of the company’s stock valued at $197,000 after buying an additional 9,114 shares during the period. Trexquant Investment LP increased its position in shares of Teekay Corporation by 120.7% in the fourth quarter. Trexquant Investment LP now owns 24,500 shares of the company’s stock valued at $197,000 after buying an additional 13,400 shares during the period. Finally, A.R.T. Advisors LLC acquired a new position in shares of Teekay Corporation during the fourth quarter valued at $277,000. Institutional investors own 51.41% of the company’s stock.

Teekay Corporation Company Profile

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.