Wells Fargo & Company MN lowered its stake in shares of Teekay Corp. (NYSE:TK) by 81.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 18,457 shares of the company’s stock after selling 82,691 shares during the period. Wells Fargo & Company MN’s holdings in Teekay Corp. were worth $143,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in shares of Teekay Corp. by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 191,558 shares of the company’s stock valued at $1,366,000 after buying an additional 6,883 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Teekay Corp. by 13.1% in the second quarter. California Public Employees Retirement System now owns 172,200 shares of the company’s stock valued at $1,228,000 after buying an additional 20,000 shares during the last quarter. Granite Point Capital Management L.P. purchased a new position in shares of Teekay Corp. during the second quarter valued at $3,232,000. First Trust Advisors LP boosted its position in shares of Teekay Corp. by 28.8% in the second quarter. First Trust Advisors LP now owns 255,604 shares of the company’s stock valued at $1,822,000 after buying an additional 57,123 shares during the last quarter. Finally, Oxford Asset Management purchased a new position in shares of Teekay Corp. during the second quarter valued at $4,903,000. 52.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Teekay Corp. (NYSE:TK) traded up 6.61% during mid-day trading on Friday, reaching $10.16. 2,116,424 shares of the company traded hands. The company’s 50 day moving average is $8.28 and its 200 day moving average is $7.41. Teekay Corp. has a 52-week low of $4.37 and a 52-week high of $11.85. The stock’s market capitalization is $870.15 million.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.05. Teekay Corp. had a negative net margin of 3.32% and a positive return on equity of 0.13%. The firm earned $547.60 million during the quarter, compared to analysts’ expectations of $551.50 million. During the same quarter in the prior year, the business earned $0.04 EPS. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities analysts forecast that Teekay Corp. will post ($0.41) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 27th will be given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Wednesday, January 25th. Teekay Corp.’s dividend payout ratio is currently -18.03%.
Several research analysts have recently weighed in on TK shares. Zacks Investment Research cut shares of Teekay Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, October 12th. Credit Suisse Group AG set a $6.00 price target on shares of Teekay Corp. and gave the company a “hold” rating in a research report on Sunday, November 6th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.55.
About Teekay Corp.
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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