An issue of Teekay Corporation (NYSE:TK) debt rose 1.5% against its face value during trading on Monday. The debt issue has a 8.5% coupon and will mature on January 15, 2020. The bonds in the issue are now trading at $90.00 and were trading at $89.38 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
A number of research analysts have commented on the company. Jefferies Group LLC restated a “hold” rating and set a $8.50 price target on shares of Teekay Corporation in a research note on Monday, March 27th. Zacks Investment Research upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. Royal Bank Of Canada restated a “hold” rating on shares of Teekay Corporation in a research note on Tuesday, May 9th. BidaskClub cut Teekay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Morgan Stanley cut Teekay Corporation from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $8.00 to $3.00 in a research note on Friday, June 9th. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Teekay Corporation presently has an average rating of “Hold” and an average price target of $5.33.
Shares of Teekay Corporation (NYSE:TK) traded up 4.09% during mid-day trading on Monday, hitting $7.38. The stock had a trading volume of 1,814,552 shares. The company’s 50 day moving average price is $6.34 and its 200 day moving average price is $8.49. Teekay Corporation has a 12-month low of $5.14 and a 12-month high of $11.77. The stock’s market cap is $636.59 million.
Teekay Corporation (NYSE:TK) last posted its earnings results on Thursday, May 18th. The shipping company reported ($0.41) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.24. The business had revenue of $543.50 million for the quarter, compared to analyst estimates of $497.83 million. Teekay Corporation had a negative net margin of 5.36% and a negative return on equity of 1.86%. The business’s revenue was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) EPS. Equities research analysts predict that Teekay Corporation will post ($0.96) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Friday, August 4th will be issued a $0.055 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.22 dividend on an annualized basis and a yield of 2.98%. Teekay Corporation’s dividend payout ratio is currently -13.41%.
A number of institutional investors have recently modified their holdings of TK. State Street Corp raised its position in shares of Teekay Corporation by 50.3% in the fourth quarter. State Street Corp now owns 1,180,008 shares of the shipping company’s stock worth $9,473,000 after buying an additional 394,726 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Teekay Corporation 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. Dimensional Fund Advisors LP raised its stake in shares of Teekay Corporation 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. Bank of America Corp DE raised its stake in shares of Teekay Corporation 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. Finally, Geode Capital Management LLC raised its stake in shares of Teekay Corporation by 11.6% in the first quarter. Geode Capital Management LLC now owns 395,181 shares of the shipping company’s stock worth $3,615,000 after buying an additional 41,127 shares during the period. Hedge funds and other institutional investors own 46.64% of the company’s stock.
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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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