Prudential Financial Inc. maintained its position in shares of Teekay Corporation (NYSE:TK) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,208 shares of the shipping company’s stock at the end of the first quarter. Prudential Financial Inc. owned approximately 0.06% of Teekay Corporation worth $487,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. 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 during the last quarter. Cedar Capital LLC purchased a new position in shares of Teekay Corporation during the first quarter worth approximately $2,952,000. Acadian Asset Management LLC purchased a new position in shares of Teekay Corporation during the first quarter worth approximately $1,882,000. Berson & Corrado Investment Advisors LLC purchased a new position in shares of Teekay Corporation during the first quarter worth approximately $1,335,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Teekay Corporation during the fourth quarter worth approximately $696,000. 46.67% of the stock is owned by institutional investors.
Shares of Teekay Corporation (NYSE:TK) opened at 9.55 on Friday. The firm’s 50-day moving average price is $6.81 and its 200-day moving average price is $8.39. The stock’s market capitalization is $823.77 million. Teekay Corporation has a 12 month low of $5.14 and a 12 month high of $11.77.
Teekay Corporation (NYSE:TK) last posted its quarterly earnings data on Thursday, May 18th. The shipping company reported ($0.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.24. Teekay Corporation had a negative return on equity of 1.86% and a negative net margin of 5.36%. The firm had revenue of $543.50 million during the quarter, compared to analyst estimates of $497.83 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was down 15.2% on a year-over-year basis. On average, equities research analysts forecast that Teekay Corporation will post ($1.06) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Friday, August 4th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Wednesday, August 2nd. Teekay Corporation’s payout ratio is -13.41%.
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TK has been the subject of a number of research reports. Morgan Stanley lowered Teekay Corporation from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $8.00 to $3.00 in a research note on Friday, June 9th. Jefferies Group LLC reissued a “hold” rating and set a $7.00 price target on shares of Teekay Corporation in a research note on Friday, May 19th. Royal Bank Of Canada reissued a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. BidaskClub lowered Teekay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, ValuEngine raised Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Teekay Corporation currently has an average rating of “Hold” and an average price target of $5.33.
Teekay Corporation Company Profile
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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