Teekay Corporation (TK) Receives Average Recommendation of “Hold” from Analysts
Shares of Teekay Corporation (NYSE:TK) have been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $5.33.
TK has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Teekay Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. ValuEngine downgraded Teekay Corporation from a “hold” rating to a “sell” rating in a report on Friday, September 1st. BidaskClub upgraded Teekay Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a report on Friday, June 16th. Finally, Morgan Stanley downgraded Teekay Corporation from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $8.00 to $3.00 in a report on Friday, June 9th.
A number of institutional investors have recently added to or reduced their stakes in TK. Goldman Sachs Group Inc. grew its stake in Teekay Corporation by 404.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 566,352 shares of the shipping company’s stock valued at $3,778,000 after buying an additional 454,087 shares in the last quarter. Bank of America Corp DE boosted its holdings in Teekay Corporation by 333.1% in the 1st quarter. Bank of America Corp DE now owns 412,008 shares of the shipping company’s stock valued at $3,770,000 after purchasing an additional 316,885 shares during the period. Wellington Shields & Co. LLC bought a new position in Teekay Corporation in the 2nd quarter valued at $1,434,000. FMR LLC boosted its holdings in Teekay Corporation by 1.6% in the 2nd quarter. FMR LLC now owns 8,606,199 shares of the shipping company’s stock valued at $57,403,000 after purchasing an additional 131,584 shares during the period. Finally, Engineers Gate Manager LP bought a new position in Teekay Corporation in the 2nd quarter valued at $865,000. Institutional investors and hedge funds own 31.49% of the company’s stock.
Shares of Teekay Corporation (NYSE:TK) traded down 2.21% during mid-day trading on Friday, hitting $8.83. The company’s stock had a trading volume of 2,445,490 shares. The company’s market cap is $761.67 million. The company has a 50-day moving average of $9.30 and a 200 day moving average of $8.23. Teekay Corporation has a 1-year low of $5.14 and a 1-year high of $11.77.
Teekay Corporation (NYSE:TK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.07). The company had revenue of $513.90 million during the quarter, compared to the consensus estimate of $503.65 million. Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.82%. The company’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. On average, analysts expect that Teekay Corporation will post ($1.11) EPS for the current year.
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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.
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