Teekay Corp. (TK) Stock Price Down 3.8%
Teekay Corp. (NYSE:TK)’s share price dropped 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. The stock had previously closed at $7.58.
A number of brokerages recently commented on TK. Zacks Investment Research upgraded Teekay Corp. from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a research report on Wednesday, June 29th. Morgan Stanley lifted their price objective on Teekay Corp. from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 31st. Wells Fargo & Co. reiterated a “hold” rating on shares of Teekay Corp. in a research report on Thursday, July 7th. Jefferies Group reiterated a “hold” rating and set a $9.00 price objective on shares of Teekay Corp. in a research report on Wednesday, July 6th. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $6.00 price objective on shares of Teekay Corp. in a research report on Wednesday, May 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $18.47.
The firm’s 50 day moving average price is $8.16 and its 200 day moving average price is $8.43. The stock has a market capitalization of $516.97 million and a price-to-earnings ratio of 12.20.
Teekay Corp. (NYSE:TK) last posted its earnings results on Thursday, May 19th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by $0.28. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The company earned $641.10 million during the quarter, compared to analysts’ expectations of $605.60 million. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts predict that Teekay Corp. will post $0.60 EPS for the current fiscal year.
The firm also recently declared 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 dividend yield of 3.07%. The ex-dividend date of this dividend is Wednesday, July 27th.
Other hedge funds and institutional investors have modified their holdings of the company. Trexquant Investment LP acquired a new position in shares of Teekay Corp. during the fourth quarter worth $1,139,000. 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. Afam Capital Inc. purchased a new stake in Teekay Corp. during the fourth quarter worth approximately $2,161,000. 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. Finally, Quantitative Investment Management LLC purchased a new stake in Teekay Corp. during the fourth quarter worth approximately $3,895,000.
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 through its subsidiary Teekay LNG Partners L.P.
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