Teekay (TK) Rating Lowered to Sell at Zacks Investment Research

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Teekay (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

According to Zacks, “Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium size oil tankers. The Company’s modern fleet provides such transportation services to major oil companies, major oil traders and government agencies, principally in the region spanning from the Red Sea to the U.S. West Coast. “

TK has been the subject of several other research reports. Bank of America assumed coverage on shares of Teekay in a report on Monday, October 22nd. They issued a “buy” rating and a $8.00 target price for the company. Jefferies Financial Group reiterated a “hold” rating and issued a $8.00 target price on shares of Teekay in a report on Monday, August 20th. Finally, ValuEngine upgraded shares of Teekay from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Teekay has an average rating of “Hold” and an average target price of $7.50.

Shares of Teekay stock remained flat at $$4.13 during trading hours on Friday. 727,081 shares of the company’s stock were exchanged, compared to its average volume of 1,214,200. Teekay has a 12-month low of $3.95 and a 12-month high of $10.90. The company has a market capitalization of $414.79 million, a price-to-earnings ratio of -2.99 and a beta of 1.09. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.16 and a quick ratio of 1.16.

Teekay (NYSE:TK) last announced its earnings results on Thursday, November 15th. The shipping company reported ($0.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.22). The firm had revenue of $325.66 million during the quarter, compared to analysts’ expectations of $311.22 million. Teekay had a negative net margin of 4.84% and a negative return on equity of 2.07%. As a group, sell-side analysts forecast that Teekay will post -0.52 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Teekay by 1.2% in the third quarter. BlackRock Inc. now owns 3,331,701 shares of the shipping company’s stock valued at $22,455,000 after purchasing an additional 38,946 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Teekay by 9.1% in the second quarter. Northern Trust Corp now owns 1,113,519 shares of the shipping company’s stock valued at $8,629,000 after purchasing an additional 93,074 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Teekay by 13.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 944,078 shares of the shipping company’s stock valued at $7,317,000 after purchasing an additional 110,337 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Teekay by 51.5% during the third quarter. Renaissance Technologies LLC now owns 866,900 shares of the shipping company’s stock worth $5,843,000 after buying an additional 294,500 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Teekay by 25.1% during the third quarter. JPMorgan Chase & Co. now owns 719,012 shares of the shipping company’s stock worth $4,846,000 after buying an additional 144,043 shares during the last quarter. Institutional investors own 23.60% of the company’s stock.

Teekay Company Profile

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. It operates shuttle tankers, floating storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

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