Brokers Offer Predictions for Teekay Co.’s FY2017 Earnings (TK)

Teekay Co. (NYSE:TK) – Jefferies Group issued their FY2017 earnings per share (EPS) estimates for Teekay in a report released on Monday. Jefferies Group analyst R. Giveans anticipates that the shipping company will earn ($1.16) per share for the year. Jefferies Group currently has a “Hold” rating and a $8.00 price objective on the stock. Jefferies Group also issued estimates for Teekay’s Q4 2017 earnings at $0.15 EPS and FY2018 earnings at $0.81 EPS.

Several other equities analysts have also issued reports on TK. Zacks Investment Research upgraded Teekay from a “sell” rating to a “hold” rating in a research note on Tuesday, December 5th. ValuEngine lowered Teekay from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.00.

Teekay (NYSE:TK) opened at $9.24 on Wednesday. Teekay has a 52 week low of $5.14 and a 52 week high of $11.77. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.70 and a current ratio of 0.70.

Teekay (NYSE:TK) last posted its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.41) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.44) by $0.03. Teekay had a negative return on equity of 3.48% and a negative net margin of 6.66%. The firm had revenue of $500.80 million for the quarter, compared to analyst estimates of $475.32 million. During the same quarter last year, the company earned ($0.23) EPS. The company’s revenue was down 8.5% on a year-over-year basis.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in Teekay by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 299,070 shares of the shipping company’s stock worth $1,994,000 after buying an additional 42,147 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Teekay by 404.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 566,352 shares of the shipping company’s stock worth $3,778,000 after buying an additional 454,087 shares during the period. Wellington Shields Capital Management LLC lifted its holdings in Teekay by 14.7% during the 3rd quarter. Wellington Shields Capital Management LLC now owns 226,000 shares of the shipping company’s stock worth $2,018,000 after buying an additional 29,000 shares during the period. Wells Fargo & Company MN lifted its holdings in Teekay by 65.6% during the 2nd quarter. Wells Fargo & Company MN now owns 71,609 shares of the shipping company’s stock worth $477,000 after buying an additional 28,365 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in Teekay during the 2nd quarter worth about $865,000. 27.73% of the stock is currently owned by hedge funds and other institutional investors.

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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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