Zacks Investment Research Upgrades Teekay Corporation (TK) to Hold
Teekay Corporation (NYSE:TK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday.
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. “
A number of other analysts also recently issued reports on the company. Morgan Stanley downgraded Teekay Corporation from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $8.00 to $3.00 in a research report on Friday, June 9th. BidaskClub downgraded Teekay Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Jefferies Group LLC restated a “hold” rating and issued a $7.00 price target on shares of Teekay Corporation in a research report on Friday, May 19th. Royal Bank Of Canada restated a “hold” rating on shares of Teekay Corporation in a research report on Friday, June 16th. Finally, ValuEngine upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.33.
Teekay Corporation (NYSE TK) opened at 9.49 on Thursday. Teekay Corporation has a 52 week low of $5.14 and a 52 week high of $11.77. The company has a 50 day moving average of $7.85 and a 200 day moving average of $8.43. The stock’s market capitalization is $818.60 million.
Teekay Corporation (NYSE:TK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.07. The company had revenue of $513.90 million during the quarter, compared to the consensus estimate of $503.65 million. Teekay Corporation had a negative return on equity of 2.80% and a negative net margin of 5.66%. The firm’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.01 earnings per share. Equities analysts expect that Teekay Corporation will post ($1.36) EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Teekay Corporation by 50.3% in the fourth quarter. State Street Corp now owns 1,180,008 shares of the shipping company’s stock valued at $9,473,000 after buying an additional 394,726 shares during the period. Cedar Capital LLC acquired a new stake in Teekay Corporation during the first quarter valued at $2,952,000. Bank of America Corp DE increased its stake in Teekay Corporation by 333.1% in the first quarter. Bank of America Corp DE now owns 412,008 shares of the shipping company’s stock valued at $3,770,000 after buying an additional 316,885 shares during the period. Wellington Shields & Co. LLC acquired a new stake in Teekay Corporation during the second quarter valued at $1,434,000. Finally, Acadian Asset Management LLC acquired a new stake in Teekay Corporation during the first quarter valued at $1,882,000. Institutional investors and hedge funds own 46.45% of the company’s stock.
About Teekay Corporation
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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