Teekay Corporation (TK) Expected to Post Quarterly Sales of $477.80 Million
Analysts predict that Teekay Corporation (NYSE:TK) will post sales of $477.80 million for the current quarter, according to Zacks. Two analysts have issued estimates for Teekay Corporation’s earnings, with estimates ranging from $476.41 million to $479.19 million. Teekay Corporation reported sales of $510.43 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 6.4%. The company is expected to announce its next earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Teekay Corporation will report full-year sales of $477.80 million for the current year, with estimates ranging from $1.95 billion to $2.02 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.34 billion per share, with estimates ranging from $2.30 billion to $2.36 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Teekay Corporation.
Teekay Corporation (NYSE:TK) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.07). The business had revenue of $513.90 million during the quarter, compared to the consensus estimate of $503.65 million. Teekay Corporation had a negative return on equity of 2.82% and a negative net margin of 5.66%. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 earnings per share.
Several research firms have commented on TK. Zacks Investment Research upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Jefferies Group LLC restated a “hold” rating and issued a $8.00 target price on shares of Teekay Corporation in a report on Thursday, October 12th. BidaskClub upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, ValuEngine lowered shares of Teekay Corporation from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $6.75.
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Several institutional investors have recently added to or reduced their stakes in TK. Voya Investment Management LLC lifted its holdings in shares of Teekay Corporation by 25.8% in the 2nd quarter. Voya Investment Management LLC now owns 22,518 shares of the shipping company’s stock worth $150,000 after acquiring an additional 4,617 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Teekay Corporation in the 1st quarter worth about $154,000. Jane Street Group LLC bought a new stake in shares of Teekay Corporation in the 1st quarter worth about $166,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Teekay Corporation by 10.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,994 shares of the shipping company’s stock worth $174,000 after acquiring an additional 1,816 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Teekay Corporation in the 1st quarter worth about $176,000. Hedge funds and other institutional investors own 31.51% of the company’s stock.
Shares of Teekay Corporation (NYSE TK) opened at 8.82 on Tuesday. The company’s market capitalization is $760.80 million. The firm has a 50-day moving average of $9.01 and a 200 day moving average of $8.15. Teekay Corporation has a 1-year low of $5.14 and a 1-year high of $11.77.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, November 3rd will be issued a $0.055 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.22 annualized dividend and a dividend yield of 2.49%. Teekay Corporation’s dividend payout ratio (DPR) is presently -15.38%.
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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