Teekay Corp. (TK) Trading 5.8% Higher
Shares of Teekay Corp. (NYSE:TK) traded up 5.8% on Friday . The stock traded as high as $7.00 and last traded at $6.98, with a volume of 736,991 shares trading hands. The stock had previously closed at $6.60.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Teekay Corp. from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, April 27th. Morgan Stanley boosted their target price on Teekay Corp. from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 31st. Credit Suisse Group AG reaffirmed a “hold” rating and set a $6.00 target price on shares of Teekay Corp. in a research report on Wednesday, May 25th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Teekay Corp. in a research report on Thursday. Finally, Jefferies Group reaffirmed a “hold” rating and set a $9.00 target price on shares of Teekay Corp. in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Teekay Corp. currently has an average rating of “Hold” and a consensus price target of $18.47.
The firm’s 50-day moving average is $8.51 and its 200-day moving average is $8.51. The firm has a market cap of $500.95 million and a PE ratio of 11.82.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings data on Thursday, May 19th. The company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.28. The business earned $641.10 million during the quarter, compared to analysts’ expectations of $605.60 million. The business’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, equities research analysts predict that Teekay Corp. will post $0.60 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 17th. Shareholders of record on Friday, July 29th will be given a $0.055 dividend. The ex-dividend date is Wednesday, July 27th. This represents a $0.22 dividend on an annualized basis and a yield of 3.20%.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. Trexquant Investment LP purchased a new position in shares of Teekay Corp. during the fourth quarter worth approximately $1,139,000. Russell Frank Co raised its position in shares of Teekay Corp. by 8.3% in the fourth quarter. Russell Frank Co now owns 210,073 shares of the company’s stock worth $1,986,000 after buying an additional 16,027 shares during the last quarter. Afam Capital Inc. purchased a new position in shares of Teekay Corp. during the fourth quarter worth approximately $2,161,000. California Public Employees Retirement System raised its position in shares of Teekay Corp. by 79.8% in the fourth quarter. California Public Employees Retirement System now owns 222,600 shares of the company’s stock worth $2,197,000 after buying an additional 98,800 shares during the last quarter. Finally, Quantitative Investment Management LLC purchased a new position in shares of Teekay Corp. during the fourth quarter worth approximately $3,895,000.
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 through its subsidiary Teekay LNG Partners L.P.
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