Teekay Corp. Plans Quarterly Dividend of $0.06 (TK)
Teekay Corp. (NYSE:TK) declared a quarterly dividend on Monday, October 3rd. Shareholders of record on Friday, October 28th will be given a dividend of 0.055 per share on Wednesday, November 16th. This represents a $0.22 annualized dividend and a yield of 2.76%.
Teekay Corp. (NYSE:TK) traded up 3.37% during trading on Monday, reaching $7.97. 1,069,009 shares of the company’s stock traded hands. The firm’s 50 day moving average is $7.21 and its 200-day moving average is $8.23. Teekay Corp. has a 12 month low of $4.37 and a 12 month high of $35.93. The company’s market capitalization is $676.11 million.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.07. The firm had revenue of $587.60 million for the quarter, compared to analyst estimates of $558.42 million. Teekay Corp. had a negative net margin of 3.96% and a positive return on equity of 0.74%. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 EPS. Analysts expect that Teekay Corp. will post ($0.38) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of TK. BlackRock Fund Advisors increased its position in shares of Teekay Corp. by 152.8% in the second quarter. BlackRock Fund Advisors now owns 1,068,615 shares of the company’s stock valued at $7,619,000 after buying an additional 645,907 shares during the period. Panagora Asset Management Inc. increased its position in Teekay Corp. by 1,146.3% in the second quarter. Panagora Asset Management Inc. now owns 294,115 shares of the company’s stock worth $2,097,000 after buying an additional 270,515 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in Teekay Corp. during the second quarter worth about $1,151,000. BlackRock Investment Management LLC increased its position in Teekay Corp. by 735.7% in the second quarter. BlackRock Investment Management LLC now owns 179,556 shares of the company’s stock worth $1,280,000 after buying an additional 158,070 shares during the last quarter. Finally, State Street Corp increased its position in Teekay Corp. by 22.1% in the second quarter. State Street Corp now owns 775,653 shares of the company’s stock worth $5,529,000 after buying an additional 140,387 shares during the last quarter. Institutional investors and hedge funds own 47.71% of the company’s stock.
Several brokerages have issued reports on TK. Zacks Investment Research raised shares of Teekay Corp. from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a report on Wednesday, June 29th. Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. Jefferies Group restated a “hold” rating and issued a $9.00 target price on shares of Teekay Corp. in a research note on Wednesday, July 6th. TheStreet downgraded shares of Teekay Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, August 4th. Finally, Credit Suisse Group AG set a $6.00 target price on shares of Teekay Corp. and gave the company a “hold” rating in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $14.25.
Teekay Corp. 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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