Zacks Investment Research lowered shares of Teekay Corporation (NYSE:TK) from a hold rating to a sell rating in a research note published on Wednesday.

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 research firms have also recently issued reports on TK. BidaskClub upgraded Teekay Corporation from a hold rating to a buy rating in a research report on Wednesday, August 2nd. ValuEngine cut Teekay Corporation from a hold rating to a sell rating in a research report on Friday, September 1st. Royal Bank Of Canada restated a hold rating on shares of Teekay Corporation in a research report on Tuesday, May 9th. Jefferies Group LLC restated a hold rating and set a $7.00 price objective on shares of Teekay Corporation in a research report on Friday, May 19th. Finally, Morgan Stanley cut Teekay Corporation from an equal weight rating to an underweight rating and lowered their price objective for the company from $8.00 to $3.00 in a research report on Friday, June 9th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $5.33.

Shares of Teekay Corporation (TK) opened at 9.13 on Wednesday. The firm has a 50-day moving average of $9.15 and a 200 day moving average of $8.27. The firm’s market cap is $787.54 million. Teekay Corporation has a 12 month low of $5.14 and a 12 month high of $11.77.

Teekay Corporation (NYSE:TK) last issued its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.07. Teekay Corporation had a negative return on equity of 2.82% and a negative net margin of 5.66%. The business had revenue of $513.90 million for the quarter, compared to analyst estimates of $503.65 million. During the same quarter last year, the firm earned $0.01 earnings per share. The firm’s quarterly revenue was down 12.5% compared to the same quarter last year. On average, equities research analysts anticipate that Teekay Corporation will post ($1.11) EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Friday, August 4th were given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Wednesday, August 2nd. Teekay Corporation’s dividend payout ratio is presently -15.38%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneva Advisors LLC increased its position in shares of Teekay Corporation by 10.6% during the first quarter. Geneva Advisors LLC now owns 11,057 shares of the shipping company’s stock valued at $101,000 after purchasing an additional 1,057 shares during the period. Mark Sheptoff Financial Planning LLC bought a new stake in Teekay Corporation in the first quarter valued at $111,000. Nine Chapters Capital Management LLC bought a new stake in Teekay Corporation in the first quarter valued at $141,000. Russell Investments Group Ltd. bought a new stake in Teekay Corporation in the first quarter valued at $154,000. Finally, Jane Street Group LLC bought a new stake in Teekay Corporation in the first quarter valued at $166,000. Institutional investors and hedge funds own 31.49% of the company’s stock.

Teekay Corporation 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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