Teekay Corporation (NYSE:TK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $10.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.65% from the company’s previous close.

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 brokerages have also issued reports on TK. Morgan Stanley lowered Teekay Corporation from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $8.00 to $3.00 in a research report on Friday, June 9th. Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. BidaskClub downgraded shares of Teekay Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, ValuEngine raised shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $6.50.

Teekay Corporation (NYSE TK) traded down 0.33% on Wednesday, hitting $9.09. 429,557 shares of the company were exchanged. The firm has a 50 day moving average of $9.04 and a 200-day moving average of $8.16. The stock’s market cap is $784.09 million. Teekay Corporation has a 52-week low of $5.14 and a 52-week high of $11.77.

Teekay Corporation (NYSE:TK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.07). Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.82%. The business had revenue of $513.90 million during the quarter, compared to analysts’ expectations of $503.65 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was down 12.5% on a year-over-year basis. On average, equities analysts expect that Teekay Corporation will post ($1.26) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Shields & Co. LLC bought a new position in Teekay Corporation during the 2nd quarter worth approximately $1,434,000. Cedar Capital LLC grew its position in shares of Teekay Corporation by 40.0% in the 2nd quarter. Cedar Capital LLC now owns 451,609 shares of the shipping company’s stock worth $3,012,000 after acquiring an additional 128,993 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Teekay Corporation in the 2nd quarter worth approximately $865,000. American International Group Inc. grew its position in shares of Teekay Corporation by 17.2% in the 1st quarter. American International Group Inc. now owns 29,629 shares of the shipping company’s stock worth $271,000 after acquiring an additional 4,359 shares in the last quarter. Finally, Malaga Cove Capital LLC acquired a new position in shares of Teekay Corporation in the 2nd quarter worth approximately $310,000. Hedge funds and other institutional investors own 31.52% of the company’s stock.

About Teekay Corporation

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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