Teekay Co. Announces Quarterly Dividend of $0.06 (TK)

Teekay Co. (NYSE:TK) announced a quarterly dividend on Thursday, January 4th, RTT News reports. Shareholders of record on Friday, February 2nd will be given a dividend of 0.055 per share by the shipping company on Wednesday, February 14th. This represents a $0.22 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Thursday, February 1st.

Teekay has decreased its dividend payment by an average of 44.2% per year over the last three years. Teekay has a dividend payout ratio of -19.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Teekay to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.22 annual dividend with an expected future payout ratio of 27.2%.

Shares of Teekay (NYSE TK) opened at $8.58 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.28. Teekay has a 52 week low of $5.14 and a 52 week high of $11.15.

Teekay (NYSE:TK) last released its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.03. The firm had revenue of $500.80 million for 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 business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.23) earnings per share. analysts predict that Teekay will post -1.16 EPS for the current year.

Several analysts have issued reports on the company. ValuEngine upgraded Teekay from a “strong sell” rating to a “sell” rating in a research note on Friday, January 5th. Jefferies Group initiated coverage on Teekay in a research report on Monday, December 18th. They issued a “hold” rating and a $8.00 target price on the stock. Finally, Zacks Investment Research raised Teekay from a “sell” rating to a “hold” rating in a research report on Tuesday, December 5th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $7.00.

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About Teekay

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 (NYSE:TK)

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