Teekay Corp. (TK) Stock Rating Lowered by Zacks Investment Research
Teekay Corp. (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium size oil tankers. The Company’s modern fleet provides such transportation services to major oil companies, major oil traders and government agencies, principally in the region spanning from the Red Sea to the U.S. West Coast. “
Several other analysts also recently weighed in on the stock. Jefferies Group reissued a “hold” rating and issued a $9.00 price target on shares of Teekay Corp. in a research note on Wednesday, July 6th. Credit Suisse Group AG set a $6.00 price target on shares of Teekay Corp. and gave the stock a “hold” rating in a research note on Friday, August 5th. TheStreet downgraded shares of Teekay Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, August 4th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $14.25.
Teekay Corp. (NYSE:TK) opened at 8.23 on Wednesday. The company’s market cap is $698.17 million. Teekay Corp. has a 52-week low of $4.37 and a 52-week high of $35.20. The stock’s 50 day moving average is $7.57 and its 200-day moving average is $8.19.
Teekay Corp. (NYSE:TK) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Teekay Corp. had a negative net margin of 3.96% and a positive return on equity of 0.74%. The company earned $587.60 million during the quarter, compared to the consensus estimate of $558.42 million. During the same period in the previous year, the firm posted $0.27 EPS. The firm’s revenue was down .9% compared to the same quarter last year. Equities research analysts predict that Teekay Corp. will post ($0.38) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 16th. Investors of record on Friday, October 28th will be given a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Wednesday, October 26th. Teekay Corp.’s dividend payout ratio is currently -15.07%.
Several institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can bought a new position in shares of Teekay Corp. during the second quarter valued at about $117,000. Acadian Asset Management LLC boosted its position in shares of Teekay Corp. by 43.8% in the second quarter. Acadian Asset Management LLC now owns 46,714 shares of the company’s stock valued at $333,000 after buying an additional 14,220 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Teekay Corp. during the second quarter valued at about $111,000. Nisa Investment Advisors LLC boosted its position in shares of Teekay Corp. by 120.0% in the second quarter. Nisa Investment Advisors LLC now owns 51,700 shares of the company’s stock valued at $369,000 after buying an additional 28,200 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Teekay Corp. by 11,607.5% in the second quarter. Creative Planning now owns 23,415 shares of the company’s stock valued at $167,000 after buying an additional 23,215 shares in the last quarter. Institutional investors own 47.71% of the company’s stock.
Teekay Corp. Company Profile
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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