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. “
Other equities research analysts have also recently issued reports about the company. Wells Fargo & Co. restated a hold rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Jefferies Group restated a hold rating and set a $9.00 target price on shares of Teekay Corp. in a research note on Wednesday, July 6th. TheStreet cut Teekay Corp. from a hold rating to a sell rating in a research note on Thursday, August 4th. Finally, Credit Suisse Group AG set a $6.00 target price on Teekay Corp. and gave the stock a hold rating in a research note on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $14.25.
Shares of Teekay Corp. (NYSE:TK) traded down 1.78% during midday trading on Wednesday, hitting $8.26. The company had a trading volume of 315,587 shares. Teekay Corp. has a one year low of $4.37 and a one year high of $35.20. The stock’s market capitalization is $700.71 million. The stock’s 50-day moving average price is $7.53 and its 200-day moving average price is $8.19.
Teekay Corp. (NYSE:TK) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.07. The business had revenue of $587.60 million for the quarter, compared to the consensus estimate of $558.42 million. Teekay Corp. had a positive return on equity of 0.74% and a negative net margin of 3.96%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. Analysts predict that Teekay Corp. will post ($0.38) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 16th. Stockholders of record on Friday, October 28th will be paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Wednesday, October 26th. Teekay Corp.’s payout ratio is -15.07%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its position in shares of Teekay Corp. by 614.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,023,977 shares of the company’s stock worth $8,868,000 after buying an additional 880,735 shares during the last quarter. Oxford Asset Management purchased a new position in shares of Teekay Corp. during the second quarter worth approximately $4,903,000. A.R.T. Advisors LLC boosted its position in shares of Teekay Corp. by 1,054.5% in the first quarter. A.R.T. Advisors LLC now owns 752,052 shares of the company’s stock worth $6,512,000 after buying an additional 686,910 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Teekay Corp. by 152.8% in the second quarter. BlackRock Fund Advisors now owns 1,068,615 shares of the company’s stock worth $7,619,000 after buying an additional 645,907 shares during the last quarter. Finally, Eagle Global Advisors LLC boosted its position in shares of Teekay Corp. by 1,951.6% in the second quarter. Eagle Global Advisors LLC now owns 628,110 shares of the company’s stock worth $4,478,000 after buying an additional 597,495 shares during the last quarter. Institutional investors own 47.71% of the company’s stock.
About Teekay Corp.
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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