Wall Street brokerages expect Teekay Corporation (NYSE:TK) to post $514.47 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Teekay Corporation’s earnings, with the highest sales estimate coming in at $524.45 million and the lowest estimate coming in at $504.49 million. Teekay Corporation reported sales of $559.32 million in the same quarter last year, which indicates a negative year-over-year growth rate of 8%. The business is expected to report its next quarterly earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that Teekay Corporation will report full-year sales of $514.47 million for the current year, with estimates ranging from $2.02 billion to $2.18 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.35 billion per share, with estimates ranging from $2.24 billion to $2.45 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Teekay Corporation.
Teekay Corporation (NYSE:TK) last released its earnings results on Thursday, May 18th. The shipping company reported ($0.41) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.24. The firm had revenue of $543.50 million during the quarter, compared to the consensus estimate of $497.83 million. Teekay Corporation had a negative net margin of 5.36% and a negative return on equity of 1.86%. The company’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) EPS.
TK has been the subject of several research reports. Zacks Investment Research downgraded shares of Teekay Corporation from a “hold” rating to a “strong sell” rating in a research note on Friday, February 24th. Morgan Stanley downgraded shares of Teekay Corporation from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $3.00 in a research note on Friday, June 9th. Jefferies Group LLC reiterated a “hold” rating and set a $8.50 price objective on shares of Teekay Corporation in a research note on Monday, March 27th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research note on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $5.94.
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A number of large investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in Teekay Corporation by 39.4% in the fourth quarter. FMR LLC now owns 8,474,399 shares of the shipping company’s stock valued at $68,049,000 after buying an additional 2,396,112 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Teekay Corporation during the fourth quarter valued at $376,000. Systematic Financial Management LP purchased a new position in shares of Teekay Corporation during the fourth quarter valued at $1,802,000. Trexquant Investment LP increased its position in shares of Teekay Corporation by 8.6% in the first quarter. Trexquant Investment LP now owns 26,609 shares of the shipping company’s stock valued at $243,000 after buying an additional 2,109 shares during the period. Finally, Teachers Advisors LLC increased its position in shares of Teekay Corporation by 9.1% in the fourth quarter. Teachers Advisors LLC now owns 92,892 shares of the shipping company’s stock valued at $746,000 after buying an additional 7,754 shares during the period. Institutional investors own 46.67% of the company’s stock.
Shares of Teekay Corporation (NYSE TK) opened at 5.51 on Friday. The firm has a 50-day moving average price of $6.83 and a 200 day moving average price of $8.63. The company’s market cap is $475.29 million. Teekay Corporation has a 1-year low of $5.22 and a 1-year high of $11.77.
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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