Teekay Corp. Rating Lowered to Hold at TheStreet (TK)

Teekay Corp. (NYSE:TK) was downgraded by analysts at TheStreet from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, American Banking and Market News reports.

The analysts wrote, “Teekay Corporation (TK) has been downgraded by TheStreet Ratings from buy to hold. The company’s strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet.”

TK has been the subject of a number of other recent research reports. Analysts at Jefferies Group raised their price target on shares of Teekay Corp. from $43.00 to $47.00 in a research note to investors on Tuesday, July 23rd. They now have a “buy” rating on the stock. Analysts at BTIG Research initiated coverage on shares of Teekay Corp. in a research note to investors on Wednesday, June 26th. They set a “buy” rating on the stock.

Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $42.00.

Shares of Teekay Corp. (NYSE:TK) traded down 0.83% during mid-day trading on Thursday, hitting $38.18. Teekay Corp. has a one year low of $28.88 and a one year high of $41.55. The stock’s 50-day moving average is currently $40.1. The company’s market cap is $2.688 billion.

Teekay Corp. (NYSE:TK) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by $0.21. The company had revenue of $430.70 million for the quarter, compared to the consensus estimate of $418.34 million. During the same quarter in the prior year, the company posted ($0.25) earnings per share. The company’s quarterly revenue was down 11.5% on a year-over-year basis. On average, analysts predict that Teekay Corp. will post $-0.53 earnings per share for the current fiscal year.

Teekay Corporation (NYSE:TK) is a provider of international crude oil and gas marine transportation services and it also offer offshore oil production, storage and offloading services, under long-term, fixed-rate contracts.