Teekay (TK) Stock Rating Lowered by ValuEngine

Teekay (NYSE:TK) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Monday.

Several other equities research analysts have also recently commented on TK. Zacks Investment Research raised Teekay from a “sell” rating to a “hold” rating in a report on Thursday, March 15th. Morgan Stanley increased their price target on Teekay from $6.00 to $6.50 and gave the company an “underweight” rating in a report on Wednesday, June 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Teekay has an average rating of “Hold” and a consensus price target of $8.17.

NYSE TK opened at $7.94 on Monday. The company has a market capitalization of $778.37 million, a PE ratio of -5.75 and a beta of 1.31. Teekay has a 1-year low of $6.35 and a 1-year high of $10.90. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30.

Teekay (NYSE:TK) last released its earnings results on Thursday, May 17th. The shipping company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.11). Teekay had a negative net margin of 7.32% and a negative return on equity of 3.28%. The firm had revenue of $394.02 million during the quarter, compared to analysts’ expectations of $296.76 million. During the same quarter last year, the business earned ($0.41) EPS. The business’s revenue was down 27.5% compared to the same quarter last year. research analysts predict that Teekay will post -0.5 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in Teekay by 35.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,046,750 shares of the shipping company’s stock worth $9,756,000 after acquiring an additional 273,715 shares during the last quarter. BlackRock Inc. increased its stake in Teekay by 1.9% during the fourth quarter. BlackRock Inc. now owns 2,525,669 shares of the shipping company’s stock worth $23,539,000 after acquiring an additional 48,303 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Teekay during the fourth quarter worth $604,000. Orbis Allan Gray Ltd increased its stake in Teekay by 36.2% during the fourth quarter. Orbis Allan Gray Ltd now owns 838,577 shares of the shipping company’s stock worth $7,816,000 after acquiring an additional 222,725 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its stake in Teekay by 370.1% during the first quarter. Evergreen Capital Management LLC now owns 323,100 shares of the shipping company’s stock worth $2,614,000 after acquiring an additional 254,375 shares during the last quarter. 28.86% of the stock is owned by institutional investors.

About Teekay

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. It operates shuttle tankers, floating storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

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