Teekay (TK) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Teekay (NYSE:TK) from a hold rating to a sell rating in a research note released on Thursday.

According to Zacks, “Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium size oil tankers. The Company’s modern fleet provides such transportation services to major oil companies, major oil traders and government agencies, principally in the region spanning from the Red Sea to the U.S. West Coast. “

TK has been the topic of several other reports. Morgan Stanley upped their price objective on shares of Teekay from $3.00 to $6.00 and gave the company an underweight rating in a report on Monday, February 12th. ValuEngine raised shares of Teekay from a strong sell rating to a sell rating in a report on Friday, January 5th. Finally, Jefferies Group started coverage on shares of Teekay in a report on Monday, December 18th. They set a hold rating and a $8.00 price objective on the stock. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $8.00.

Teekay (NYSE TK) opened at $7.47 on Thursday. The firm has a market cap of $674.22, a PE ratio of -4.53 and a beta of 1.44. Teekay has a fifty-two week low of $5.14 and a fifty-two week high of $11.15. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Friday, February 2nd were issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 2.95%. The ex-dividend date was Thursday, February 1st. Teekay’s dividend payout ratio (DPR) is presently -13.33%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Teekay by 1.9% during the fourth quarter. BlackRock Inc. now owns 2,525,669 shares of the shipping company’s stock valued at $23,539,000 after purchasing an additional 48,303 shares during the last quarter. State Street Corp increased its position in shares of Teekay by 3.8% during the second quarter. State Street Corp now owns 1,185,982 shares of the shipping company’s stock valued at $7,910,000 after buying an additional 43,160 shares during the period. Northern Trust Corp increased its position in shares of Teekay by 9.0% during the second quarter. Northern Trust Corp now owns 1,071,989 shares of the shipping company’s stock valued at $7,151,000 after buying an additional 88,261 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Teekay by 35.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,046,750 shares of the shipping company’s stock valued at $9,756,000 after buying an additional 273,715 shares during the period. Finally, Orbis Allan Gray Ltd increased its position in shares of Teekay by 36.2% during the fourth quarter. Orbis Allan Gray Ltd now owns 838,577 shares of the shipping company’s stock valued at $7,816,000 after buying an additional 222,725 shares during the period. 26.32% of the stock is currently owned by institutional investors and hedge funds.

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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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