Zacks Investment Research downgraded shares of Teekay Corporation (NYSE:TK) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday, October 24th.
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. “
A number of other research firms have also weighed in on TK. ValuEngine raised shares of Teekay Corporation from a sell rating to a hold rating in a research note on Thursday, July 20th. BidaskClub raised shares of Teekay Corporation from a sell rating to a hold rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $8.00 price objective on shares of Teekay Corporation in a research note on Thursday, October 12th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of C$7.00.
Shares of Teekay Corporation (TK) traded up C$0.23 on Tuesday, hitting C$9.12. 1,140,000 shares of the stock were exchanged, compared to its average volume of 760,825. Teekay Corporation has a 1 year low of C$5.14 and a 1 year high of C$11.77. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.49.
Teekay Corporation (NYSE:TK) last issued its earnings results on Thursday, November 9th. The company reported C($0.41) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C($0.44) by C$0.03. The firm had revenue of C$500.80 million during the quarter, compared to analyst estimates of C$475.32 million. Teekay Corporation had a negative net margin of 6.66% and a negative return on equity of 3.18%. The business’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.23) earnings per share. analysts predict that Teekay Corporation will post -1.16 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, November 3rd will be paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Thursday, November 2nd. Teekay Corporation’s dividend payout ratio (DPR) is presently -13.33%.
A number of institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. raised its holdings in Teekay Corporation by 10.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,994 shares of the company’s stock worth $174,000 after purchasing an additional 1,816 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Teekay Corporation by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 618,000 shares of the company’s stock worth $4,122,000 after purchasing an additional 3,433 shares in the last quarter. American International Group Inc. raised its holdings in Teekay Corporation by 17.2% in the first quarter. American International Group Inc. now owns 29,629 shares of the company’s stock worth $271,000 after purchasing an additional 4,359 shares in the last quarter. Voya Investment Management LLC raised its holdings in Teekay Corporation by 25.8% in the second quarter. Voya Investment Management LLC now owns 22,518 shares of the company’s stock worth $150,000 after purchasing an additional 4,617 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Teekay Corporation by 8.2% in the second quarter. Rhumbline Advisers now owns 67,404 shares of the company’s stock worth $450,000 after purchasing an additional 5,105 shares in the last quarter. Institutional investors and hedge funds own 31.46% of the company’s stock.
About Teekay Corporation
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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