Morgan Stanley Boosts Teekay (TK) Price Target to $6.50

Teekay (NYSE:TK) had its target price upped by analysts at Morgan Stanley from $6.00 to $6.50 in a research note issued to investors on Wednesday. The firm currently has an “underweight” rating on the shipping company’s stock. Morgan Stanley’s target price suggests a potential downside of 19.45% from the stock’s current price.

Several other brokerages have also commented on TK. ValuEngine raised shares of Teekay from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 2nd. Zacks Investment Research raised shares of Teekay from a “sell” rating to a “hold” rating in a research report on Thursday, March 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $8.17.

Teekay traded down $0.07, hitting $8.07, on Wednesday, MarketBeat Ratings reports. 2,053 shares of the company were exchanged, compared to its average volume of 856,175. Teekay has a twelve month low of $5.14 and a twelve month high of $10.90. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $836.62 million, a price-to-earnings ratio of -5.86 and a beta of 1.27.

Teekay (NYSE:TK) last issued its quarterly earnings results on Thursday, May 17th. The shipping company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.11). Teekay had a negative return on equity of 3.28% and a negative net margin of 7.32%. The company had revenue of $394.02 million for the quarter, compared to analyst estimates of $296.76 million. During the same period last year, the company posted ($0.41) EPS. The business’s revenue for the quarter was down 27.5% on a year-over-year basis. equities analysts forecast that Teekay will post 0.37 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of Teekay by 10.1% in the first quarter. Rhumbline Advisers now owns 63,330 shares of the shipping company’s stock worth $512,000 after acquiring an additional 5,795 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Teekay by 14.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 48,516 shares of the shipping company’s stock valued at $392,000 after purchasing an additional 6,021 shares in the last quarter. MetLife Investment Advisors LLC grew its holdings in Teekay by 29.4% during the 1st quarter. MetLife Investment Advisors LLC now owns 29,414 shares of the shipping company’s stock valued at $238,000 after purchasing an additional 6,679 shares in the last quarter. California Public Employees Retirement System grew its holdings in Teekay by 2.6% during the 4th quarter. California Public Employees Retirement System now owns 268,605 shares of the shipping company’s stock valued at $2,503,000 after purchasing an additional 6,848 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in Teekay by 12.4% during the 1st quarter. California State Teachers Retirement System now owns 95,715 shares of the shipping company’s stock valued at $774,000 after purchasing an additional 10,585 shares in the last quarter. 28.86% of the stock is owned by institutional investors.

Teekay Company Profile

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. It operates shuttle tankers, floating storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

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