Teekay Corp. (TK) Shares Down 6.3%
Teekay Corp. (NYSE:TK) fell 6.3% on Monday . The company traded as low as $5.81 and last traded at $5.81, with a volume of 1,512,836 shares traded. The stock had previously closed at $6.20.
A number of brokerages recently weighed in on TK. Zacks Investment Research upgraded Teekay Corp. from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Wednesday, April 27th. Morgan Stanley boosted 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. Credit Suisse Group AG restated a “hold” rating and set a $6.00 price objective on shares of Teekay Corp. in a research report on Wednesday, May 25th. Wells Fargo & Co. restated a “hold” rating on shares of Teekay Corp. in a research report on Thursday, July 7th. Finally, Jefferies Group restated a “hold” rating and set a $9.00 price objective on shares of Teekay Corp. in a research report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.22.
The firm has a market cap of $417.22 million and a P/E ratio of 9.85. The stock’s 50-day moving average price is $7.06 and its 200 day moving average price is $8.26.
Teekay Corp. (NYSE:TK) last issued 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. During the same quarter in the previous year, the business earned $0.22 EPS. The company 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. On average, analysts predict that Teekay Corp. will post ($0.06) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Friday, July 29th will be given a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, July 27th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 3.84%.
Several large investors have modified their holdings of TK. Trexquant Investment LP acquired a new stake in shares of Teekay Corp. during the fourth quarter worth about $1,139,000. Morgan Stanley increased 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. 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, 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.
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, as well as in the operations in the offshore production, storage and transportation sector.
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