Teekay Corporation (TK) Receives $5.33 Consensus Target Price from Brokerages
Teekay Corporation (NYSE:TK) has received a consensus rating of “Hold” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $5.33.
A number of analysts have recently weighed in on TK shares. BidaskClub upgraded Teekay Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research report on Friday, June 16th. ValuEngine upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, Morgan Stanley downgraded Teekay Corporation from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $8.00 to $3.00 in a research report on Friday, June 9th.
Teekay Corporation (NYSE:TK) last released 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 the consensus estimate of $503.65 million. Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.82%. The business’s revenue was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 earnings per share.
Several hedge funds have recently made changes to their positions in TK. Voya Investment Management LLC lifted its position in shares of Teekay Corporation by 25.8% during the 2nd quarter. Voya Investment Management LLC now owns 22,518 shares of the shipping company’s stock worth $150,000 after buying an additional 4,617 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Teekay Corporation in the 1st quarter worth about $154,000. Jane Street Group LLC acquired a new position in Teekay Corporation in the 1st quarter worth about $166,000. Plancorp LLC acquired a new position in Teekay Corporation in the 1st quarter worth about $169,000. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in 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. Institutional investors and hedge funds own 31.48% of the company’s stock.
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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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