Teekay Corp. (TK) Sees Unusually-High Trading Volume
Teekay Corp. (NYSE:TK) saw an uptick in trading volume on Thursday . 2,824,365 shares changed hands during mid-day trading, an increase of 68% from the previous session’s volume of 1,681,970 shares.The stock last traded at $6.25 and had previously closed at $5.83.
A number of research firms have commented on TK. Zacks Investment Research upgraded Teekay Corp. from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Wednesday, April 27th. Morgan Stanley lifted their price objective 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. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Teekay Corp. in a research note on Wednesday, May 25th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $9.00 price objective on shares of Teekay Corp. in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $18.22.
The company has a 50-day moving average of $6.89 and a 200-day moving average of $8.22. The company has a market capitalization of $444.89 million and a PE ratio of 10.50.
Teekay Corp. (NYSE:TK) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by $0.02. The business earned $587.60 million during the quarter, compared to the consensus estimate of $558.42 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Equities analysts anticipate that Teekay Corp. will post ($0.04) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 17th. Shareholders 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 dividend yield of 3.60%. The ex-dividend date of this dividend is Wednesday, July 27th.
Other hedge funds and institutional investors have modified their holdings of the company. Trexquant Investment LP acquired a new position in shares of Teekay Corp. during the fourth quarter worth $1,139,000. Morgan Stanley raised 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. 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 in the last quarter. Finally, 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 in the last quarter.
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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