Zacks: Brokerages Anticipate Teekay Co. (TK) to Post -$0.08 EPS

Analysts expect Teekay Co. (NYSE:TK) to report ($0.08) earnings per share for the current quarter, Zacks reports. Zero analysts have provided estimates for Teekay’s earnings. Teekay reported earnings per share of ($0.41) in the same quarter last year, which suggests a positive year over year growth rate of 80.5%. The business is scheduled to issue its next quarterly earnings report on Thursday, May 17th.

On average, analysts expect that Teekay will report full year earnings of $0.31 per share for the current financial year, with EPS estimates ranging from ($0.20) to $0.81. For the next financial year, analysts forecast that the company will report earnings of $0.10 per share. Zacks’ EPS calculations are an average based on a survey of research firms that follow Teekay.

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Teekay (NYSE:TK) last released its quarterly earnings results on Thursday, February 22nd. The shipping company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Teekay had a negative return on equity of 3.36% and a negative net margin of 8.05%. The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $508.35 million. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The company’s quarterly revenue was down 40.8% on a year-over-year basis.

Several research analysts have recently commented on the company. Zacks Investment Research upgraded Teekay from a “sell” rating to a “hold” rating in a research report on Thursday, March 15th. ValuEngine upgraded Teekay from a “strong sell” rating to a “sell” rating in a research report on Friday, January 5th. Jefferies Group assumed coverage on Teekay in a research report on Monday, December 18th. They set a “hold” rating and a $8.00 price target for the company. Finally, Morgan Stanley raised their price target on Teekay from $3.00 to $6.00 and gave the stock an “underweight” rating in a research report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $8.00.

Shares of TK traded up $0.05 during midday trading on Monday, hitting $8.82. 588,031 shares of the stock were exchanged, compared to its average volume of 1,507,813. Teekay has a 52-week low of $5.14 and a 52-week high of $10.90. The firm has a market cap of $791.55, a P/E ratio of -6.39 and a beta of 1.32. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.28.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 16th. Stockholders of record on Friday, May 4th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $0.22 annualized dividend and a dividend yield of 2.49%. Teekay’s dividend payout ratio is currently -15.94%.

A number of large investors have recently added to or reduced their stakes in TK. Legal & General Group Plc boosted its holdings in Teekay by 38.9% in the third quarter. Legal & General Group Plc now owns 146,537 shares of the shipping company’s stock valued at $1,310,000 after purchasing an additional 41,013 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Teekay by 6.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 739,330 shares of the shipping company’s stock worth $6,891,000 after buying an additional 48,018 shares during the last quarter. Malaga Cove Capital LLC lifted its holdings in Teekay by 24.0% during the 4th quarter. Malaga Cove Capital LLC now owns 127,916 shares of the shipping company’s stock worth $1,192,000 after buying an additional 24,793 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Teekay during the 4th quarter worth about $888,000. Finally, Wellington Shields & Co. LLC lifted its holdings in Teekay by 3.8% during the 4th quarter. Wellington Shields & Co. LLC now owns 223,200 shares of the shipping company’s stock worth $2,080,000 after buying an additional 8,200 shares during the last quarter. Hedge funds and other institutional investors own 27.07% of the company’s stock.

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About Teekay

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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