Teekay (TK) Lowered to Sell at Zacks Investment Research

Teekay (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

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. “

Other equities analysts have also recently issued reports about the company. Jefferies Group assumed coverage on Teekay in a report on Monday, December 18th. They issued a “hold” rating and a $8.00 target price for the company. ValuEngine cut Teekay from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. Finally, Morgan Stanley increased their target price on Teekay from $3.00 to $6.00 and gave the stock an “underweight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $8.00.

Shares of Teekay (NYSE TK) traded down $0.02 on Thursday, hitting $7.61. The stock had a trading volume of 233,853 shares, compared to its average volume of 2,022,500. Teekay has a fifty-two week low of $5.14 and a fifty-two week high of $11.15. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market cap of $679.63, a PE ratio of -4.62 and a beta of 1.44.

Institutional investors and hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. acquired a new stake in Teekay during the 4th quarter valued at $103,000. Jane Street Group LLC acquired a new stake in Teekay during the 4th quarter valued at $107,000. Two Sigma Investments LP acquired a new stake in Teekay during the 4th quarter valued at $604,000. Two Sigma Advisers LP acquired a new stake in Teekay during the 4th quarter valued at $674,000. Finally, Goldman Sachs Group Inc. increased its holdings in Teekay by 35.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,750 shares of the shipping company’s stock valued at $9,756,000 after purchasing an additional 273,715 shares in the last quarter. 26.32% of the stock is owned by institutional investors and hedge funds.

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Teekay Company Profile

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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