Teekay (NYSE:TK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

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 research firms have also commented on TK. ValuEngine lowered Teekay from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Jefferies Group reiterated a “hold” rating and issued a $8.00 price target on shares of Teekay in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $7.00.

Shares of Teekay (NYSE TK) opened at $8.23 on Tuesday. Teekay has a 52-week low of $5.14 and a 52-week high of $11.77. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.28.

Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.03. Teekay had a negative return on equity of 3.48% and a negative net margin of 6.66%. The firm had revenue of $500.80 million for the quarter, compared to analyst estimates of $475.32 million. During the same quarter in the previous year, the company posted ($0.23) EPS. The business’s revenue was down 8.5% on a year-over-year basis. sell-side analysts anticipate that Teekay will post -1.16 EPS for the current year.

Several large investors have recently made changes to their positions in TK. Goldman Sachs Group Inc. lifted its stake in shares of Teekay 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 purchasing an additional 454,087 shares during the period. Dalton Investments LLC acquired a new position in shares of Teekay in the 3rd quarter valued at about $2,030,000. FMR LLC lifted its stake in shares of Teekay 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. Engineers Gate Manager LP acquired a new position in shares of Teekay in the 2nd quarter valued at about $865,000. Finally, Cedar Capital LLC lifted its stake in shares of Teekay by 40.0% in the 2nd quarter. Cedar Capital LLC now owns 451,609 shares of the shipping company’s stock valued at $3,012,000 after purchasing an additional 128,993 shares during the period. 27.94% of the stock is currently owned by institutional investors.

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About Teekay

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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