Teekay Corp. (TK) Trading Down 4.1%
Teekay Corp. (NYSE:TK) fell 4.1% on Tuesday . The stock traded as low as $6.27 and last traded at $6.31, with a volume of 787,192 shares traded. The stock had previously closed at $6.58.
A number of research analysts recently commented on TK shares. Zacks Investment Research raised Teekay Corp. from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Wednesday, April 27th. Morgan Stanley increased their price target on 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 issued 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 issued a $9.00 price target on shares of Teekay Corp. in a report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.22.
The firm has a 50 day moving average price of $6.80 and a 200 day moving average price of $8.26. The company’s market cap is $459.55 million.
Teekay Corp. (NYSE:TK) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The company had revenue of $587.60 million for the quarter, compared to analyst estimates of $558.42 million. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, equities analysts predict 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. Shareholders of record on Friday, July 29th will be issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Wednesday, July 27th.
Other large investors recently added to or reduced their stakes in the company. Russell Frank Co increased its stake in 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. California Public Employees Retirement System increased its stake 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 worth $2,197,000 after buying an additional 98,800 shares during the last quarter. Morgan Stanley increased its stake in 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. Finally, Trexquant Investment LP bought a new stake in 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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