Zacks Investment Research upgraded shares of Teekay (NYSE:TK) from a sell rating to a hold rating in a research report released on Tuesday morning.
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 topic of a number of other reports. ValuEngine lowered Teekay from a hold rating to a sell rating in a research report on Friday, September 1st. Jefferies Group reaffirmed a hold rating and set a $8.00 target price on shares of Teekay in a research report on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $7.00.
Teekay (NYSE:TK) last announced its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.03. The business had revenue of $500.80 million during the quarter, compared to analyst estimates of $475.32 million. Teekay had a negative return on equity of 3.48% and a negative net margin of 6.66%. The company’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.23) earnings per share. equities analysts anticipate that Teekay will post -1.16 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Friday, November 3rd were given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, November 2nd. Teekay’s dividend payout ratio (DPR) is presently -13.33%.
Large investors have recently bought and sold shares of the stock. Voya Investment Management LLC raised its position in Teekay by 25.8% during the second quarter. Voya Investment Management LLC now owns 22,518 shares of the shipping company’s stock valued at $150,000 after buying an additional 4,617 shares during the period. American Asset Management Inc. acquired a new position in Teekay during the second quarter valued at $181,000. Dynamic Technology Lab Private Ltd acquired a new position in Teekay during the third quarter valued at $212,000. Benchmark Capital Advisors acquired a new position in Teekay during the second quarter valued at $243,000. Finally, Fondren Management LP acquired a new position in Teekay during the second quarter valued at $267,000. 27.94% of the stock is currently owned by hedge funds and other institutional investors.
Teekay 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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