Teekay Corporation Announces Quarterly Dividend of $0.06 (TK)

Teekay Corporation (NYSE:TK) declared a quarterly dividend on Friday, July 7th, RTT News reports. Shareholders of record on Friday, August 4th will be given a dividend of 0.055 per share by the shipping company on Wednesday, August 16th. This represents a $0.22 annualized dividend and a yield of 2.47%. The ex-dividend date is Wednesday, August 2nd.

Teekay Corporation has decreased its dividend by an average of 44.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Teekay Corporation has a payout ratio of -17.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Teekay Corporation to earn $0.06 per share next year, which means the company may not be able to cover its $0.22 annual dividend with an expected future payout ratio of 366.7%.

Teekay Corporation (NYSE TK) opened at 8.92 on Friday. The firm has a 50-day moving average of $8.45 and a 200 day moving average of $8.38. The firm’s market cap is $769.43 million. Teekay Corporation has a 52-week low of $5.14 and a 52-week high of $11.77.

Teekay Corporation (NYSE:TK) last posted its earnings results on Thursday, August 3rd. The shipping company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.37) by $0.07. Teekay Corporation had a negative return on equity of 2.80% and a negative net margin of 5.66%. The business had revenue of $513.90 million for the quarter, compared to analyst estimates of $503.65 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. On average, equities research analysts forecast that Teekay Corporation will post ($1.11) earnings per share for the current year.

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Several research firms recently commented on TK. BidaskClub upgraded shares of Teekay Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Jefferies Group LLC reiterated a “hold” rating and issued a $8.50 price objective on shares of Teekay Corporation in a research note on Tuesday, May 2nd. ValuEngine upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research note on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $5.33.

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.

Dividend History for Teekay Corporation (NYSE:TK)

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