Teekay Corporation (TK) Upgraded to “Hold” at BidaskClub
BidaskClub upgraded shares of Teekay Corporation (NYSE:TK) from a sell rating to a hold rating in a research note released on Monday.
Several other equities research analysts have also recently commented on the company. ValuEngine raised Teekay Corporation from a sell rating to a hold rating in a research report on Thursday, July 20th. Royal Bank Of Canada reaffirmed a hold rating on shares of Teekay Corporation in a research report on Friday, June 16th. Morgan Stanley cut Teekay Corporation from an equal weight rating to an underweight rating and dropped their price objective for the company from $8.00 to $3.00 in a research report on Friday, June 9th. Jefferies Group LLC reaffirmed a hold rating and set a $7.00 price objective on shares of Teekay Corporation in a research report on Friday, May 19th. Finally, Zacks Investment Research raised Teekay Corporation from a sell rating to a hold rating in a research report on Wednesday, April 26th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $5.33.
Teekay Corporation (NYSE:TK) opened at 9.55 on Monday. The stock’s market capitalization is $823.77 million. The company has a 50 day moving average of $6.81 and a 200-day moving average of $8.39. Teekay Corporation has a one year low of $5.14 and a one year high of $11.77.
Teekay Corporation (NYSE:TK) last released its quarterly earnings data on Thursday, May 18th. The shipping company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.17) by $0.24. Teekay Corporation had a negative net margin of 5.36% and a negative return on equity of 1.86%. The business had revenue of $543.50 million for the quarter, compared to analysts’ expectations of $497.83 million. During the same period last year, the business earned ($0.08) earnings per share. The company’s quarterly revenue was down 15.2% on a year-over-year basis. Equities research analysts predict that Teekay Corporation will post ($1.07) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Friday, August 4th will be given a $0.055 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.22 annualized dividend and a yield of 2.30%. Teekay Corporation’s payout ratio is -13.41%.
A number of hedge funds and other institutional investors have recently made changes to their positions in TK. Geneva Advisors LLC boosted its position in shares of Teekay Corporation by 10.6% in the first quarter. Geneva Advisors LLC now owns 11,057 shares of the shipping company’s stock valued at $101,000 after buying an additional 1,057 shares during the last quarter. Mark Sheptoff Financial Planning LLC bought a new position in Teekay Corporation during the first quarter worth $111,000. Nine Chapters Capital Management LLC bought a new position in Teekay Corporation during the first quarter worth $141,000. Russell Investments Group Ltd. bought a new position in Teekay Corporation during the first quarter worth $154,000. Finally, Gargoyle Investment Advisor L.L.C. bought a new position in Teekay Corporation during the first quarter worth $161,000. 46.67% of the stock is currently owned by institutional investors and hedge funds.
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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