Teekay Corp. (TK) Stock Price Up 5.8%
Teekay Corp. (NYSE:TK) shares rose 5.8% on Friday . The company traded as high as $7.00 and last traded at $6.98, with a volume of 736,991 shares trading hands. The stock had previously closed at $6.60.
TK has been the topic of a number of research analyst reports. 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 note on Wednesday, April 27th. Wells Fargo & Co. reiterated a “hold” rating on shares of Teekay Corp. in a research note on Thursday. Morgan Stanley boosted their target price on shares of 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 reiterated a “hold” rating and issued a $6.00 target price on shares of Teekay Corp. in a research note on Wednesday, May 25th. Finally, Jefferies Group reiterated a “hold” rating and issued a $9.00 target price on shares of Teekay Corp. in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Teekay Corp. has a consensus rating of “Hold” and an average target price of $18.47.
The firm has a 50 day moving average price of $8.45 and a 200-day moving average price of $8.49. The stock has a market cap of $500.95 million and a price-to-earnings ratio of 11.82.
Teekay Corp. (NYSE:TK) last released its quarterly earnings data on Thursday, May 19th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by $0.28. During the same period in the prior year, the company posted $0.22 EPS. The business had revenue of $641.10 million for the quarter, compared to analyst estimates of $605.60 million. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts forecast that Teekay Corp. will post $0.60 earnings per share for the current fiscal year.
The company also recently disclosed 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. The ex-dividend date is Wednesday, July 27th. This represents a $0.22 dividend on an annualized basis and a yield of 3.20%.
Several hedge funds recently made changes to their positions in the company. Afam Capital Inc. bought a new stake in shares of Teekay Corp. during the fourth quarter worth approximately $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 in the last quarter. 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 in the last quarter. Quantitative Investment Management LLC bought a new stake in shares of Teekay Corp. during the fourth quarter worth approximately $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 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 through its subsidiary Teekay LNG Partners L.P.
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