Zacks Investment Research downgraded shares of Teekay (NYSE:TK) from a hold rating to a sell rating in a research report report published on Thursday morning.

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. Bank of America initiated coverage on Teekay in a report on Monday, October 22nd. They issued a buy rating and a $8.00 price objective on the stock. ValuEngine upgraded Teekay from a strong sell rating to a sell rating in a research report on Tuesday, October 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $7.50.

TK stock opened at $3.64 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.58. The company has a market capitalization of $399.73 million, a PE ratio of -2.64 and a beta of 1.26. Teekay has a 1 year low of $2.92 and a 1 year high of $10.90.

Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, November 15th. The shipping company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.22). Teekay had a negative return on equity of 2.07% and a negative net margin of 4.84%. The firm had revenue of $325.66 million for the quarter, compared to analysts’ expectations of $311.22 million. Equities research analysts predict that Teekay will post -0.52 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Investors of record on Friday, February 1st will be given a $0.055 dividend. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $0.22 annualized dividend and a dividend yield of 6.04%. Teekay’s dividend payout ratio (DPR) is presently -15.94%.

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC grew its stake in Teekay by 60.8% in the 3rd quarter. Virtu Financial LLC now owns 21,068 shares of the shipping company’s stock valued at $142,000 after buying an additional 7,962 shares during the last quarter. BlueMountain Capital Management LLC lifted its holdings in Teekay by 120.1% during the 2nd quarter. BlueMountain Capital Management LLC now owns 18,577 shares of the shipping company’s stock valued at $144,000 after purchasing an additional 10,135 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Teekay in the second quarter worth about $207,000. Paloma Partners Management Co bought a new position in shares of Teekay in the second quarter worth about $265,000. Finally, Marshall Wace LLP acquired a new stake in shares of Teekay during the 3rd quarter worth approximately $283,000. Institutional investors own 23.60% of the company’s stock.

About Teekay

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. It operates shuttle tankers, floating storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

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