Teekay Corporation (TK) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research downgraded shares of Teekay Corporation (NYSE:TK) from a buy rating to a hold rating in a research note published 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. “
A number of other equities research analysts have also weighed in on TK. Morgan Stanley lowered shares of Teekay Corporation from an equal weight rating to an underweight rating and decreased their target price for the company from $8.00 to $3.00 in a research note on Friday, June 9th. Royal Bank Of Canada reiterated a hold rating on shares of Teekay Corporation in a research note on Friday, June 16th. BidaskClub lowered shares of Teekay Corporation from a hold rating to a sell rating in a research note on Wednesday, July 12th. Finally, ValuEngine upgraded shares of Teekay Corporation from a sell rating to a hold rating in a research note on Thursday, July 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Teekay Corporation presently has a consensus rating of Hold and an average price target of $6.50.
Teekay Corporation (NYSE:TK) opened at 8.80 on Thursday. The firm’s 50-day moving average price is $9.04 and its 200 day moving average price is $8.17. Teekay Corporation has a one year low of $5.14 and a one year high of $11.77. The company’s market capitalization is $759.08 million.
Teekay Corporation (NYSE:TK) last announced its earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.07). The company had revenue of $513.90 million for the quarter, compared to analysts’ expectations of $503.65 million. Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.82%. Teekay Corporation’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 earnings per share. On average, equities research analysts expect that Teekay Corporation will post ($1.26) earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, November 3rd will be paid a $0.055 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.22 annualized dividend and a dividend yield of 2.50%. Teekay Corporation’s dividend payout ratio (DPR) is -15.38%.
Several large investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its stake 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 purchasing an additional 1,816 shares in the last quarter. Trexquant Investment LP increased its stake in shares of Teekay Corporation by 8.6% in the 1st quarter. Trexquant Investment LP now owns 26,609 shares of the shipping company’s stock worth $243,000 after purchasing an additional 2,109 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Teekay Corporation by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 618,000 shares of the shipping company’s stock worth $4,122,000 after purchasing an additional 3,433 shares in the last quarter. American International Group Inc. increased its stake in shares of Teekay Corporation by 17.2% in the 1st quarter. American International Group Inc. now owns 29,629 shares of the shipping company’s stock worth $271,000 after purchasing an additional 4,359 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake 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 purchasing an additional 4,617 shares in the last quarter. Hedge funds and other institutional investors own 31.52% of the company’s stock.
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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