Teekay Corp. (TK) Trading 9% Higher
Teekay Corp. (NYSE:TK) traded up 9% during mid-day trading on Wednesday . The stock traded as high as $6.05 and last traded at $6.04, with a volume of 1,428,108 shares changing hands. The stock had previously closed at $5.54.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Teekay Corp. from a “buy” rating to a “hold” rating in a report on Saturday. Jefferies Group set a $7.00 price target on shares of Teekay Corp. and gave the company a “hold” rating in a report on Wednesday, July 27th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. Morgan Stanley lifted their price target on shares of Teekay Corp. from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Tuesday, May 31st. Finally, Credit Suisse Group AG reaffirmed a “hold” rating and set a $6.00 price target on shares of Teekay Corp. in a report on Wednesday, May 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.22.
The stock has a 50-day moving average price of $6.98 and a 200 day moving average price of $8.25. The stock has a market cap of $424.50 million and a PE ratio of 10.02.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings results on Thursday, May 19th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter last year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis. Analysts forecast that Teekay Corp. will post ($0.04) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Friday, July 29th will be given a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Wednesday, July 27th.
Several hedge funds and institutional investors recently bought and sold shares of TK. Russell Frank Co boosted its position in Teekay Corp. by 8.3% in the fourth quarter. Russell Frank Co now owns 210,073 shares of the company’s stock valued at $1,986,000 after buying an additional 16,027 shares during the period. California Public Employees Retirement System boosted its position in Teekay Corp. by 79.8% in the fourth quarter. California Public Employees Retirement System now owns 222,600 shares of the company’s stock valued at $2,197,000 after buying an additional 98,800 shares during the period. Trexquant Investment LP bought a new position in Teekay Corp. during the fourth quarter valued at $1,139,000. Finally, Morgan Stanley boosted its position in Teekay Corp. by 692.4% in the fourth quarter. Morgan Stanley now owns 1,472,248 shares of the company’s stock valued at $14,531,000 after buying an additional 1,286,450 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, as well as in the operations in the offshore production, storage and transportation sector.
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