Teekay Co. (TK) Position Lifted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. increased its holdings in shares of Teekay Co. (NYSE:TK) by 6.9% during the fourth quarter, Holdings Channel reports. The fund owned 739,330 shares of the shipping company’s stock after acquiring an additional 48,018 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Teekay were worth $6,891,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. Convergence Investment Partners LLC acquired a new position in Teekay in the 3rd quarter valued at $532,000. Legal & General Group Plc grew its holdings in Teekay by 38.9% in the 3rd quarter. Legal & General Group Plc now owns 146,537 shares of the shipping company’s stock valued at $1,310,000 after buying an additional 41,013 shares in the last quarter. Malaga Cove Capital LLC grew its holdings in Teekay by 124.4% in the 3rd quarter. Malaga Cove Capital LLC now owns 103,123 shares of the shipping company’s stock valued at $929,000 after buying an additional 57,172 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Teekay in the 3rd quarter valued at $212,000. Finally, Wellington Shields Capital Management LLC grew its holdings in Teekay by 14.7% in the 3rd quarter. Wellington Shields Capital Management LLC now owns 226,000 shares of the shipping company’s stock valued at $2,018,000 after buying an additional 29,000 shares in the last quarter. 27.11% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on TK shares. Jefferies Group started coverage on Teekay in a report on Monday, December 18th. They issued a “hold” rating and a $8.00 price objective on the stock. Zacks Investment Research raised Teekay from a “sell” rating to a “hold” rating in a report on Tuesday, December 5th. ValuEngine raised Teekay from a “strong sell” rating to a “sell” rating in a report on Friday, January 5th. Finally, Morgan Stanley increased their target price on Teekay from $3.00 to $6.00 and gave the stock an “underweight” rating in a report on Monday, February 12th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Teekay has a consensus rating of “Hold” and an average price target of $8.00.
Teekay (NYSE:TK) last released its earnings results on Thursday, February 22nd. The shipping company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). The company had revenue of $326.70 million for the quarter, compared to analyst estimates of $508.35 million. Teekay had a negative return on equity of 3.36% and a negative net margin of 8.05%. The business’s revenue for the quarter was down 40.8% compared to the same quarter last year. During the same period last year, the company posted ($0.22) earnings per share. research analysts anticipate that Teekay Co. will post 0.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Friday, February 2nd were issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Thursday, February 1st. Teekay’s dividend payout ratio (DPR) is currently -12.50%.
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Teekay 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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