Teekay Co. (NYSE:TK)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.94, but opened at $6.45. Teekay shares last traded at $6.64, with a volume of 1,290,610 shares traded.
The shipping company reported ($0.41) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by $0.24. The firm had revenue of $543.50 million during the quarter, compared to analyst estimates of $497.83 million. Teekay had a positive return on equity of 0.13% and a negative net margin of 3.32%. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) earnings per share.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 17th. Investors of record on Friday, May 5th were paid a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, May 3rd. This represents a $0.22 dividend on an annualized basis and a yield of 3.41%. Teekay’s dividend payout ratio (DPR) is -18.03%.
A number of equities analysts recently commented on the company. Royal Bank of Canada reiterated a “hold” rating on shares of Teekay in a research note on Tuesday, May 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $8.50 price target on shares of Teekay in a research note on Tuesday, May 2nd. Finally, Zacks Investment Research upgraded Teekay from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $7.56.
Institutional investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Teekay during the first quarter worth approximately $176,000. Jane Street Group LLC purchased a new position in Teekay during the first quarter worth approximately $166,000. Bank of America Corp DE increased its position in Teekay by 333.1% in the first quarter. Bank of America Corp DE now owns 412,008 shares of the shipping company’s stock worth $3,770,000 after buying an additional 316,885 shares during the period. Schwab Charles Investment Management Inc. increased its position in Teekay by 24.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 663,869 shares of the shipping company’s stock worth $6,075,000 after buying an additional 128,902 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Teekay by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 614,567 shares of the shipping company’s stock worth $5,624,000 after buying an additional 12,881 shares during the period. Institutional investors and hedge funds own 51.41% of the company’s stock.
The stock’s market capitalization is $566.53 million. The company has a 50-day moving average price of $8.53 and a 200-day moving average price of $8.72.
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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