Analysts Set Teekay Co. (TK) Price Target at $6.63

Teekay Co. (NYSE:TK) has earned an average recommendation of “Hold” from the six research firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $6.63.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Co set a $4.00 target price on Teekay and gave the stock a “hold” rating in a research report on Friday, May 31st. Zacks Investment Research downgraded Teekay from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, ValuEngine downgraded Teekay from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

Several hedge funds and other institutional investors have recently modified their holdings of TK. BlueMountain Capital Management LLC acquired a new position in shares of Teekay in the first quarter worth about $84,000. BlueCrest Capital Management Ltd lifted its stake in shares of Teekay by 41.8% in the first quarter. BlueCrest Capital Management Ltd now owns 30,736 shares of the shipping company’s stock worth $120,000 after acquiring an additional 9,054 shares in the last quarter. Morgan Stanley lifted its stake in shares of Teekay by 27.8% in the first quarter. Morgan Stanley now owns 211,724 shares of the shipping company’s stock worth $830,000 after acquiring an additional 46,048 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Teekay by 25.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,282,872 shares of the shipping company’s stock worth $5,029,000 after acquiring an additional 257,939 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Teekay by 33.8% in the first quarter. Renaissance Technologies LLC now owns 1,301,800 shares of the shipping company’s stock worth $5,103,000 after acquiring an additional 328,600 shares in the last quarter. 20.90% of the stock is owned by institutional investors.

Shares of NYSE TK traded up $0.23 on Friday, hitting $3.05. The company had a trading volume of 1,047,711 shares, compared to its average volume of 776,358. Teekay has a 12-month low of $2.82 and a 12-month high of $8.37. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.88 and a quick ratio of 1.31. The company has a market capitalization of $287.95 million, a price-to-earnings ratio of -5.75 and a beta of 1.53.

Teekay (NYSE:TK) last issued its earnings results on Thursday, May 23rd. The shipping company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.04). Teekay had a negative return on equity of 1.67% and a negative net margin of 7.96%. The company had revenue of $378.09 million during the quarter.

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 production, storage, and offloading units; floating storage and offloading units; HiLoad dynamic positioning units; long-distance towing and offshore installation vessels; and conventional tankers.

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