Teekay Corp. (TK) Trading 9% Higher
Shares of 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 traded. The stock had previously closed at $5.54.
Several brokerages have recently weighed in on TK. Zacks Investment Research upgraded shares of 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 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. Credit Suisse Group AG reissued a “hold” rating and set a $6.00 price target on shares of Teekay Corp. in a report on Wednesday, May 25th. Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. Finally, Jefferies Group reissued a “hold” rating and set a $9.00 price target on shares of Teekay Corp. in a report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $18.22.
The firm has a 50 day moving average price of $6.89 and a 200-day moving average price of $8.22. The firm has a market capitalization of $445.62 million and a price-to-earnings ratio of 10.52.
Teekay Corp. (NYSE:TK) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.07. The business earned $587.60 million during the quarter, compared to analyst estimates of $558.42 million. The company’s revenue was down .9% on a year-over-year basis. During the same quarter last year, the company posted $0.27 earnings per share. On average, analysts predict that Teekay Corp. will post ($0.04) 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 paid a $0.055 dividend. The ex-dividend date is Wednesday, July 27th. This represents a $0.22 annualized dividend and a dividend yield of 3.60%.
A number of large investors have recently made changes to their positions in the company. California Public Employees Retirement System increased 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 last quarter. Morgan Stanley increased 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 last quarter. Russell Frank Co increased 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 last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Teekay Corp. during the fourth quarter worth about $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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