Stock Traders Purchase High Volume of Teekay Put Options (TK)

Teekay Co. (NYSE:TK) saw unusually large options trading on Thursday. Stock traders acquired 2,643 put options on the company. This is an increase of 1,096% compared to the average daily volume of 221 put options.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC increased its stake in Teekay by 25.8% in the second quarter. Voya Investment Management LLC now owns 22,518 shares of the shipping company’s stock valued at $150,000 after purchasing an additional 4,617 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Teekay in the third quarter valued at $212,000. Fox Run Management L.L.C. acquired a new position in Teekay in the third quarter valued at $296,000. Fondren Management LP acquired a new position in Teekay in the second quarter valued at $267,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Teekay in the second quarter valued at $306,000. 27.52% of the stock is owned by institutional investors.

TK has been the subject of a number of analyst reports. Zacks Investment Research raised Teekay from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, October 4th. Jefferies Group reissued a “hold” rating and issued a $8.00 price target on shares of Teekay in a report on Thursday, October 12th. Finally, ValuEngine cut Teekay from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $7.00.

Teekay (TK) opened at $8.75 on Friday. Teekay has a 1-year low of $5.14 and a 1-year high of $11.15. The firm has a market capitalization of $802.38, a price-to-earnings ratio of -5.30 and a beta of 1.67. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.70 and a quick ratio of 0.70.

Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, November 9th. The shipping company reported ($0.41) earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $500.80 million during the quarter, compared to analysts’ expectations of $475.32 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. equities research analysts anticipate that Teekay will post -1.16 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Friday, February 2nd will be issued a $0.055 dividend. The ex-dividend date is Thursday, February 1st. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.51%. Teekay’s dividend payout ratio (DPR) is -13.33%.

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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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