FY2018 EPS Estimates for Teekay Co. Reduced by Jefferies Group (TK)
Teekay Co. (NYSE:TK) – Stock analysts at Jefferies Group cut their FY2018 EPS estimates for Teekay in a research note issued to investors on Friday. Jefferies Group analyst D. Mavrinac now forecasts that the shipping company will earn $0.96 per share for the year, down from their previous forecast of $1.00. Jefferies Group has a “Hold” rating and a $7.00 price target on the stock.
A number of other brokerages have also weighed in on TK. Zacks Investment Research raised Teekay from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. Royal Bank of Canada reaffirmed a “hold” rating on shares of Teekay in a report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $7.19.
Teekay (NYSE:TK) opened at 6.46 on Monday. The firm’s 50 day moving average price is $8.44 and its 200-day moving average price is $8.72. Teekay has a one year low of $5.45 and a one year high of $11.77. The firm’s market cap is $556.74 million.
Teekay (NYSE:TK) last announced its earnings results on Thursday, May 18th. The shipping company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.24. Teekay had a negative net margin of 3.32% and a positive return on equity of 0.13%. The firm had revenue of $543.50 million for the quarter, compared to analyst estimates of $497.83 million. During the same period in the previous year, the company earned ($0.08) EPS. Teekay’s revenue was down 15.2% compared to the same quarter last year.
Several large investors have recently bought and sold shares of the stock. Morgan Stanley increased its stake in Teekay by 65.9% in the third quarter. Morgan Stanley now owns 3,086,737 shares of the shipping company’s stock worth $23,798,000 after buying an additional 1,226,649 shares during the last quarter. Eagle Global Advisors LLC increased its stake in Teekay by 299.7% in the third quarter. Eagle Global Advisors LLC now owns 2,510,684 shares of the shipping company’s stock worth $19,357,000 after buying an additional 1,882,574 shares during the last quarter. Gotham Asset Management LLC increased its stake in Teekay by 28.2% in the third quarter. Gotham Asset Management LLC now owns 454,545 shares of the shipping company’s stock worth $3,505,000 after buying an additional 99,849 shares during the last quarter. State Street Corp increased its stake in Teekay by 50.3% in the fourth quarter. State Street Corp now owns 1,180,008 shares of the shipping company’s stock worth $9,473,000 after buying an additional 394,726 shares during the last quarter. Finally, Oxford Asset Management increased its stake in Teekay by 14.8% in the fourth quarter. Oxford Asset Management now owns 884,028 shares of the shipping company’s stock worth $7,099,000 after buying an additional 113,973 shares during the last quarter. Institutional investors own 51.41% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 17th. Stockholders of record on Friday, May 5th were given a dividend of $0.055 per share. The ex-dividend date was Wednesday, May 3rd. This represents a $0.22 dividend on an annualized basis and a dividend yield of 3.41%. Teekay’s payout ratio is -18.03%.
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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