Teekay Corp. (TK) Shares Down 7.8%
Shares of Teekay Corp. (NYSE:TK) fell 7.8% on Tuesday . The stock traded as low as $6.50 and last traded at $6.65, with a volume of 1,791,678 shares trading hands. The stock had previously closed at $7.21.
Several research firms have weighed in on TK. Zacks Investment Research lowered shares of Teekay Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. Wells Fargo & Co. restated a “hold” rating on shares of Teekay Corp. in a research report on Thursday. Credit Suisse Group AG restated a “hold” rating and set a $6.00 price target on shares of Teekay Corp. in a research report on Wednesday, May 25th. Morgan Stanley upped their price target on shares of Teekay Corp. from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 31st. Finally, Jefferies Group restated a “hold” rating and set a $9.00 price target on shares of Teekay Corp. in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $18.47.
The firm has a market capitalization of $509.33 million and a P/E ratio of 12.019. The firm’s 50 day moving average price is $8.59 and its 200 day moving average price is $8.53.
Teekay Corp. (NYSE:TK) last announced its earnings results on Thursday, May 19th. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.28. The firm earned $641.10 million during the quarter, compared to the consensus estimate of $605.60 million. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.22 EPS. On average, analysts anticipate that Teekay Corp. will post $0.60 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 17th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.19%.
Several hedge funds have made changes to their positions in TK. Afam Capital Inc. acquired a new stake in shares of Teekay Corp. during the fourth quarter worth $2,161,000. California Public Employees Retirement System raised 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 period. Morgan Stanley raised 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 period. Quantitative Investment Management LLC acquired a new stake in shares of Teekay Corp. during the fourth quarter worth $3,895,000. Finally, Russell Frank Co raised 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 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 through its subsidiary Teekay LNG Partners L.P.