Teekay Corp. (TK) Trading Down 4.3%
Shares of Teekay Corp. (NYSE:TK) dropped 4.3% during trading on Monday . The stock traded as low as $6.50 and last traded at $6.51, with a volume of 876,790 shares traded. The stock had previously closed at $6.80.
TK has been the subject of several recent research reports. Wells Fargo & Co. reiterated a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. Jefferies Group reiterated a “hold” rating and set a $9.00 price objective on shares of Teekay Corp. in a report on Wednesday, July 6th. Zacks Investment Research lowered Teekay Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. Credit Suisse Group AG restated a “hold” rating and set a $6.00 target price on shares of Teekay Corp. in a report on Wednesday, May 25th. Finally, Morgan Stanley raised their target price on Teekay Corp. from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Tuesday, May 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $18.47.
The firm’s 50 day moving average price is $7.57 and its 200-day moving average price is $8.29. The company has a market cap of $482.02 million and a P/E ratio of 11.37.
Teekay Corp. (NYSE:TK) last released its quarterly earnings results on Thursday, May 19th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.28. The firm had revenue of $641.10 million for the quarter, compared to analysts’ expectations of $605.60 million. During the same period in the prior year, the firm earned $0.22 earnings per share. The business’s revenue was up 17.4% on a year-over-year basis. On average, analysts predict that Teekay Corp. will post $0.60 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Friday, July 29th will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Wednesday, July 27th.
A number of institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System increased 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 in the last quarter. Morgan Stanley increased its position 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 in the last quarter. Russell Frank Co increased 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 in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Teekay Corp. during the fourth quarter worth $1,139,000.
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, as well as in the operations in the offshore production, storage and transportation sector.
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