Teekay Corp. (TK) Trading Down 4.2%
Teekay Corp. (NYSE:TK)’s share price fell 4.2% during mid-day trading on Tuesday . The company traded as low as $6.90 and last traded at $6.91, with a volume of 1,065,060 shares. The stock had previously closed at $7.21.
A number of research firms recently issued reports on TK. 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. Morgan Stanley increased 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 note on Tuesday, May 31st. Credit Suisse Group AG reaffirmed a “hold” rating and set a $6.00 target price on shares of Teekay Corp. in a research note on Wednesday, May 25th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Finally, Zacks Investment Research downgraded shares of Teekay Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. One investment 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. Teekay Corp. currently has a consensus rating of “Hold” and a consensus target price of $18.47.
The stock has a market capitalization of $503.87 million and a P/E ratio of 11.89. The firm’s 50 day moving average is $7.96 and its 200 day moving average is $8.36.
Teekay Corp. (NYSE:TK) last released its quarterly earnings results on Thursday, May 19th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.20 by $0.28. The company had revenue of $641.10 million for the quarter, compared to analysts’ expectations of $605.60 million. During the same period in the previous year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, analysts forecast that Teekay Corp. will post $0.60 EPS 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 given a $0.055 dividend. The ex-dividend date is Wednesday, July 27th. This represents a $0.22 annualized dividend and a yield of 3.18%.
A number of large investors recently added to or reduced their stakes in TK. Trexquant Investment LP bought a new stake in Teekay Corp. during the fourth quarter valued at about $1,139,000. Russell Frank Co boosted 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 valued at $1,986,000 after buying an additional 16,027 shares during the period. Afam Capital Inc. bought a new stake in Teekay Corp. during the fourth quarter valued at about $2,161,000. California Public Employees Retirement System boosted 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 valued at $2,197,000 after buying an additional 98,800 shares during the period. Finally, Quantitative Investment Management LLC bought a new stake in Teekay Corp. during the fourth quarter valued at about $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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