An issue of Teekay Corporation (NYSE:TK) debt rose 1.5% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 8.5% coupon and will mature on January 15, 2020. The bonds in the issue are now trading at $90.00 and were trading at $89.38 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
Several analysts have recently commented on the stock. Morgan Stanley lowered shares of Teekay Corporation from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $3.00 in a research report on Friday, June 9th. BidaskClub lowered Teekay Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Royal Bank Of Canada restated a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. ValuEngine upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $7.00 price target on shares of Teekay Corporation in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Teekay Corporation presently has a consensus rating of “Hold” and a consensus price target of $5.33.
Teekay Corporation (NYSE:TK) opened at 9.53 on Friday. Teekay Corporation has a 1-year low of $5.14 and a 1-year high of $11.77. The firm’s market cap is $822.05 million. The firm has a 50-day moving average of $8.07 and a 200 day moving average of $8.44.
Teekay Corporation (NYSE:TK) last announced its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by $0.07. The business had revenue of $513.90 million during the quarter, compared to the consensus estimate of $503.65 million. Teekay Corporation had a negative net margin of 5.66% and a negative return on equity of 2.80%. The company’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same period last year, the firm earned $0.01 EPS. On average, analysts predict that Teekay Corporation will post ($1.11) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Stockholders of record on Friday, August 4th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Wednesday, August 2nd. Teekay Corporation’s payout ratio is -15.38%.
Large investors have recently modified their holdings of the company. Wellington Shields & Co. LLC bought a new stake in shares of Teekay Corporation during the second quarter worth approximately $1,434,000. American International Group Inc. increased its position in Teekay Corporation by 17.2% in the first quarter. American International Group Inc. now owns 29,629 shares of the shipping company’s stock worth $271,000 after buying an additional 4,359 shares during the last quarter. Malaga Cove Capital LLC acquired a new position in Teekay Corporation during the second quarter worth about $310,000. Tudor Investment Corp ET AL acquired a new position in Teekay Corporation during the first quarter worth about $176,000. Finally, Nine Chapters Capital Management LLC purchased a new stake in shares of Teekay Corporation during the first quarter worth $141,000. 46.45% of the stock is currently owned by hedge funds and other institutional investors.
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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