Teekay (NYSE:TK) Announces Quarterly Earnings Results, Beats Expectations By $0.44 EPS

Teekay (NYSE:TK) announced its quarterly earnings data on Wednesday. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.44, Zacks reports. The firm had revenue of $285.82 million for the quarter, compared to analysts’ expectations of $266.66 million. Teekay had a return on equity of 6.36% and a net margin of 13.03%.

Teekay Price Performance

Shares of TK stock opened at $13.16 on Friday. Teekay has a 12-month low of $7.11 and a 12-month high of $14.38. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 8.71 and a beta of 0.23. The business has a 50 day simple moving average of $12.54 and a 200 day simple moving average of $10.92.

Teekay Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, May 26th.

Hedge Funds Weigh In On Teekay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its holdings in Teekay by 0.5% in the 4th quarter. Empowered Funds LLC now owns 473,886 shares of the shipping company’s stock worth $4,279,000 after buying an additional 2,382 shares in the last quarter. Susquehanna Portfolio Strategies LLC grew its holdings in Teekay by 44.2% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 125,619 shares of the shipping company’s stock worth $1,134,000 after buying an additional 38,492 shares in the last quarter. Engineers Gate Manager LP boosted its stake in Teekay by 11.7% during the 4th quarter. Engineers Gate Manager LP now owns 30,504 shares of the shipping company’s stock valued at $275,000 after purchasing an additional 3,196 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Teekay during the 4th quarter valued at $639,000. Finally, AQR Capital Management LLC boosted its stake in Teekay by 18.9% during the 4th quarter. AQR Capital Management LLC now owns 264,283 shares of the shipping company’s stock valued at $2,386,000 after purchasing an additional 42,099 shares in the last quarter. 46.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Teekay from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Teekay Company Profile

Teekay Corporation (NYSE: TK) is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay’s core business is organized into three operating segments.