Teekay Corporation (NYSE:TK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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 equities research analysts have also issued reports on the company. BidaskClub raised Teekay Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed 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 reaffirmed a “hold” rating on shares of Teekay Corporation in a research report on Tuesday, May 9th. ValuEngine raised Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, Morgan Stanley lowered Teekay Corporation from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $3.00 in a research report on Friday, June 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $5.33.
Shares of Teekay Corporation (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 stock’s 50 day moving average price is $7.85 and its 200 day moving average price is $8.43. The company’s market capitalization is $818.60 million.
Teekay Corporation (NYSE:TK) last posted its earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by $0.07. Teekay Corporation had a negative return on equity of 2.80% and a negative net margin of 5.66%. The firm had revenue of $513.90 million for the quarter, compared to analyst estimates of $503.65 million. During the same period in the previous year, the company posted $0.01 EPS. Teekay Corporation’s revenue was down 12.5% on a year-over-year basis. On average, equities research analysts forecast that Teekay Corporation will post ($1.36) earnings per share for the current fiscal year.
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A number of large investors have recently bought and sold shares of TK. Cedar Capital LLC raised its stake in Teekay Corporation by 40.0% in the second quarter. Cedar Capital LLC now owns 451,609 shares of the shipping company’s stock worth $3,012,000 after buying an additional 128,993 shares in the last quarter. Benchmark Capital Advisors acquired a new position in Teekay Corporation during the second quarter worth approximately $243,000. American Asset Management Inc. acquired a new position in Teekay Corporation during the second quarter worth approximately $181,000. Bank of New York Mellon Corp increased its position in Teekay Corporation by 16.4% in the second quarter. Bank of New York Mellon Corp now owns 299,070 shares of the shipping company’s stock worth $1,994,000 after buying an additional 42,147 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Teekay Corporation by 8.2% in the second quarter. Rhumbline Advisers now owns 67,404 shares of the shipping company’s stock worth $450,000 after buying an additional 5,105 shares during the last quarter. 46.45% of the stock is currently owned by institutional investors.
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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