Teekay (TK) Price Target Raised to $6.00

Teekay (NYSE:TK) had its price target boosted by stock analysts at Morgan Stanley from $3.00 to $6.00 in a research report issued on Monday. The firm presently has an “underweight” rating on the shipping company’s stock. Morgan Stanley’s price objective suggests a potential downside of 23.37% from the company’s previous close.

A number of other analysts have also recently commented on TK. Zacks Investment Research cut shares of Teekay from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 24th. ValuEngine cut shares of Teekay from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. Finally, Jefferies Group assumed coverage on shares of Teekay in a research note on Monday, December 18th. They issued a “hold” rating and a $8.00 target price for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $8.00.

Shares of Teekay (TK) traded up $0.23 during trading on Monday, hitting $7.83. 507,901 shares of the company’s stock traded hands, compared to its average volume of 2,072,566. The company has a market cap of $685.95, a PE ratio of -4.75 and a beta of 1.44. Teekay has a 52 week low of $5.14 and a 52 week high of $11.15. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.28.

Teekay (NYSE:TK) last issued its earnings results on Thursday, November 9th. The shipping company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03. Teekay had a negative net margin of 6.66% and a negative return on equity of 3.48%. The company had revenue of $500.80 million during the quarter, compared to analysts’ expectations of $475.32 million. During the same quarter in the previous year, the company posted ($0.23) EPS. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. research analysts forecast that Teekay will post -1.16 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. FMR LLC boosted its stake in shares of Teekay by 1.6% during the 2nd quarter. FMR LLC now owns 8,606,199 shares of the shipping company’s stock worth $57,403,000 after buying an additional 131,584 shares during the last quarter. Morgan Stanley lifted its stake in Teekay by 65.9% in the 3rd quarter. Morgan Stanley now owns 3,086,737 shares of the shipping company’s stock valued at $23,798,000 after purchasing an additional 1,226,649 shares during the last quarter. Senvest Management LLC lifted its stake in Teekay by 44.7% in the 3rd quarter. Senvest Management LLC now owns 2,786,219 shares of the shipping company’s stock valued at $21,482,000 after purchasing an additional 860,962 shares during the last quarter. BlackRock Inc. lifted its stake in Teekay by 1.9% in the 4th quarter. BlackRock Inc. now owns 2,525,669 shares of the shipping company’s stock valued at $23,539,000 after purchasing an additional 48,303 shares during the last quarter. Finally, Eagle Global Advisors LLC lifted its stake in Teekay by 299.7% in the 3rd quarter. Eagle Global Advisors LLC now owns 2,510,684 shares of the shipping company’s stock valued at $19,357,000 after purchasing an additional 1,882,574 shares during the last quarter. Institutional investors own 26.32% of the company’s stock.

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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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