Teekay Corp. (TK) Shares Down 3.8%
Teekay Corp. (NYSE:TK) shares were down 3.8% during mid-day trading on Wednesday . The company traded as low as $7.10 and last traded at $7.29, with a volume of 792,834 shares trading hands. The stock had previously closed at $7.58.
A number of research analysts have issued reports on TK shares. Wells Fargo & Co. restated a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Jefferies Group restated a “hold” rating and issued a $9.00 price objective on shares of Teekay Corp. in a research note on Wednesday, July 6th. Zacks Investment Research downgraded Teekay Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. Credit Suisse Group AG restated a “hold” rating and issued a $6.00 price objective on shares of Teekay Corp. in a research note on Wednesday, May 25th. Finally, Morgan Stanley upped their price objective on Teekay Corp. from $7.00 to $8.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $18.47.
The stock has a 50 day moving average price of $8.31 and a 200 day moving average price of $8.45. The company has a market cap of $524.98 million and a price-to-earnings ratio of 12.39.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings data on Thursday, May 19th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.28. The business earned $641.10 million during the quarter, compared to analyst estimates of $605.60 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the firm earned $0.22 EPS. Equities analysts expect that Teekay Corp. will post $0.60 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 paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Wednesday, July 27th.
Several hedge funds have bought and sold shares of the company. Morgan Stanley raised 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. Quantitative Investment Management LLC acquired a new stake in Teekay Corp. during the fourth quarter worth approximately $3,895,000. California Public Employees Retirement System raised 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. Afam Capital Inc. acquired a new stake in Teekay Corp. during the fourth quarter worth approximately $2,161,000. Finally, Russell Frank Co raised 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.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.