Teekay Corporation (TK) Cut to “Sell” at BidaskClub
BidaskClub cut shares of Teekay Corporation (NYSE:TK) from a hold rating to a sell rating in a research note released on Wednesday.
TK has been the subject of several other research reports. Jefferies Group LLC restated a hold rating and issued a $8.50 price target on shares of Teekay Corporation in a research note on Monday, March 27th. Zacks Investment Research upgraded shares of Teekay Corporation from a sell rating to a hold rating in a research note on Wednesday, April 26th. Royal Bank Of Canada restated a hold rating on shares of Teekay Corporation in a research note on Tuesday, May 9th. Finally, Morgan Stanley downgraded shares of Teekay Corporation from an equal weight rating to an underweight rating and dropped their price target for the stock from $8.00 to $3.00 in a research note on Friday, June 9th. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $5.33.
Shares of Teekay Corporation (NYSE TK) opened at 7.38 on Wednesday. The company has a 50 day moving average price of $6.34 and a 200-day moving average price of $8.49. Teekay Corporation has a one year low of $5.14 and a one year high of $11.77. The stock’s market cap is $636.59 million.
Teekay Corporation (NYSE:TK) last posted its earnings results on Thursday, May 18th. The shipping company reported ($0.41) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.24. Teekay Corporation had a negative net margin of 5.36% and a negative return on equity of 1.86%. The company had revenue of $543.50 million during the quarter, compared to analyst estimates of $497.83 million. During the same quarter last year, the business posted ($0.08) EPS. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis. Equities analysts predict that Teekay Corporation will post ($0.96) earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Friday, August 4th will be given a $0.055 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.22 dividend on an annualized basis and a yield of 2.98%. Teekay Corporation’s dividend payout ratio (DPR) is presently -13.41%.
A number of hedge funds and other institutional investors have recently bought and sold shares of TK. FMR LLC raised its position in Teekay Corporation by 39.4% in the fourth quarter. FMR LLC now owns 8,474,399 shares of the shipping company’s stock worth $68,049,000 after buying an additional 2,396,112 shares in the last quarter. State Street Corp raised its position in shares of Teekay Corporation by 50.3% in the fourth quarter. State Street Corp now owns 1,180,008 shares of the shipping company’s stock worth $9,473,000 after buying an additional 394,726 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Teekay Corporation by 24.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 663,869 shares of the shipping company’s stock worth $6,075,000 after buying an additional 128,902 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Teekay Corporation by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 614,567 shares of the shipping company’s stock worth $5,624,000 after buying an additional 12,881 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Teekay Corporation by 333.1% in the first quarter. Bank of America Corp DE now owns 412,008 shares of the shipping company’s stock worth $3,770,000 after buying an additional 316,885 shares during the period. Institutional investors own 46.64% of the company’s stock.
Teekay Corporation Company Profile
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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