Teekay Corporation (TK) Upgraded to “Buy” at Zacks Investment Research
Teekay Corporation (NYSE:TK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $10.00 target price on the shipping company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 9.65% from the company’s previous close.
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. “
TK has been the subject of several other research reports. ValuEngine downgraded shares of Teekay Corporation from a “hold” rating to a “sell” rating in a report on Friday, September 1st. Morgan Stanley cut shares of Teekay Corporation from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $8.00 to $3.00 in a report on Friday, June 9th. BidaskClub raised shares of Teekay Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating on shares of Teekay Corporation in a research report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $6.50.
Teekay Corporation (TK) traded down 0.55% on Wednesday, hitting $9.07. The stock had a trading volume of 427,931 shares. The company has a 50-day moving average price of $9.04 and a 200-day moving average price of $8.16. Teekay Corporation has a 52 week low of $5.14 and a 52 week high of $11.77. The stock’s market capitalization is $782.37 million.
Teekay Corporation (NYSE:TK) last issued its earnings results on Thursday, August 3rd. The shipping company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.07). Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.82%. The firm had revenue of $513.90 million during the quarter, compared to analyst estimates of $503.65 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The business’s quarterly revenue was down 12.5% on a year-over-year basis. Equities research analysts anticipate that Teekay Corporation will post ($1.26) earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Fondren Management LP purchased a new stake in Teekay Corporation in the 2nd quarter worth about $267,000. Scotia Capital Inc. bought a new stake in Teekay Corporation in the 2nd quarter valued at about $309,000. The Manufacturers Life Insurance Company bought a new stake in Teekay Corporation in the 2nd quarter valued at about $306,000. State Street Corp raised its stake in Teekay Corporation by 3.8% in the 2nd quarter. State Street Corp now owns 1,185,982 shares of the shipping company’s stock valued at $7,910,000 after acquiring an additional 43,160 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Teekay Corporation by 404.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 566,352 shares of the shipping company’s stock valued at $3,778,000 after acquiring an additional 454,087 shares during the period. 31.52% of the stock is currently owned by hedge funds and other institutional investors.
Teekay Corporation 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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