Teekay Corp. (TK) Stock Price Up 2.3%
Shares of Teekay Corp. (NYSE:TK) rose 2.3% during mid-day trading on Monday . The stock traded as high as $7.26 and last traded at $7.18, with a volume of 587,195 shares trading hands. The stock had previously closed at $7.02.
TK has been the topic of several analyst reports. Zacks Investment Research upgraded Teekay Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, April 21st. Credit Suisse Group AG restated a “hold” rating and issued a $6.00 price target on shares of Teekay Corp. in a research note on Wednesday, May 25th. Morgan Stanley raised their price target on Teekay Corp. from $7.00 to $8.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 31st. Jefferies Group restated a “hold” rating and issued a $9.00 price target on shares of Teekay Corp. in a research note on Wednesday, July 6th. Finally, Wells Fargo & Co. restated a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $18.47.
The stock has a 50-day moving average of $7.99 and a 200 day moving average of $8.37. The stock has a market cap of $524.98 million and a P/E ratio of 12.39.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings results on Thursday, May 19th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by $0.28. During the same period last year, the business posted $0.22 earnings per share. The company had revenue of $641.10 million for the quarter, compared to analysts’ expectations of $605.60 million. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, equities research analysts forecast that Teekay Corp. will post $0.60 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Friday, July 29th will be given a dividend of $0.055 per share. The ex-dividend date is Wednesday, July 27th. This represents a $0.22 dividend on an annualized basis and a yield of 3.05%.
A number of hedge funds have made changes to their positions in the company. Morgan Stanley boosted its stake in shares of Teekay Corp. by 692.4% in the fourth quarter. Morgan Stanley now owns 1,472,248 shares of the company’s stock worth $14,531,000 after buying an additional 1,286,450 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of Teekay Corp. during the fourth quarter worth $3,895,000. California Public Employees Retirement System boosted its stake 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 period. Afam Capital Inc. acquired a new stake in shares of Teekay Corp. during the fourth quarter worth $2,161,000. Finally, Russell Frank Co boosted its stake 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 period.
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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