Jefferies Group Begins Coverage on Teekay (TK)

Jefferies Group assumed coverage on shares of Teekay (NYSE:TK) in a research note published on Monday morning. The firm issued a hold rating and a $8.00 target price on the shipping company’s stock. Jefferies Group also issued estimates for Teekay’s Q4 2017 earnings at $0.15 EPS, FY2017 earnings at ($1.16) EPS and FY2018 earnings at $0.81 EPS.

Several other brokerages have also commented on TK. Zacks Investment Research upgraded Teekay from a hold rating to a buy rating and set a $10.00 price objective for the company in a report on Wednesday, October 4th. ValuEngine lowered Teekay from a hold rating to a sell rating in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Teekay presently has an average rating of Hold and an average price target of $7.00.

Shares of Teekay (TK) opened at $9.07 on Monday. Teekay has a twelve month low of $5.14 and a twelve month high of $11.77. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 1.28.

Teekay (NYSE:TK) last issued its quarterly earnings data on Thursday, November 9th. The shipping company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.03. Teekay had a negative return on equity of 3.48% and a negative net margin of 6.66%. The firm had revenue of $500.80 million during the quarter, compared to analyst estimates of $475.32 million. During the same quarter in the prior year, the business posted ($0.23) EPS. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Voya Investment Management LLC increased its position in shares of Teekay by 25.8% in the 2nd quarter. Voya Investment Management LLC now owns 22,518 shares of the shipping company’s stock valued at $150,000 after acquiring an additional 4,617 shares during the period. American Asset Management Inc. acquired a new position in shares of Teekay in the 2nd quarter valued at $181,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Teekay in the 3rd quarter valued at $212,000. Benchmark Capital Advisors acquired a new position in shares of Teekay in the 2nd quarter valued at $243,000. Finally, Fondren Management LP acquired a new position in shares of Teekay in the 2nd quarter valued at $267,000. Hedge funds and other institutional investors own 27.73% of the company’s stock.

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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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