Teekay Target of Unusually High Options Trading (TK)

Teekay Co. (NYSE:TK) was the target of unusually large options trading on Thursday. Traders purchased 1,944 put options on the company. This is an increase of 1,562% compared to the typical volume of 117 put options.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Teekay by 15.2% during the second quarter. BlackRock Inc. now owns 3,292,755 shares of the shipping company’s stock worth $25,519,000 after purchasing an additional 433,258 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Teekay by 9.1% during the second quarter. Northern Trust Corp now owns 1,113,519 shares of the shipping company’s stock worth $8,629,000 after purchasing an additional 93,074 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Teekay by 13.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 944,078 shares of the shipping company’s stock worth $7,317,000 after purchasing an additional 110,337 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Teekay by 47.1% during the first quarter. JPMorgan Chase & Co. now owns 610,616 shares of the shipping company’s stock worth $4,940,000 after purchasing an additional 195,545 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Teekay by 739.3% during the second quarter. Renaissance Technologies LLC now owns 572,400 shares of the shipping company’s stock worth $4,436,000 after purchasing an additional 504,200 shares during the last quarter. Institutional investors own 29.09% of the company’s stock.

Teekay stock traded down $0.02 during midday trading on Friday, reaching $6.84. The company’s stock had a trading volume of 288,267 shares, compared to its average volume of 982,036. Teekay has a 52 week low of $6.23 and a 52 week high of $10.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.39. The stock has a market cap of $676.93 million, a PE ratio of -4.96 and a beta of 1.31.

Teekay (NYSE:TK) last released its earnings results on Thursday, August 2nd. The shipping company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.13. Teekay had a negative return on equity of 2.98% and a negative net margin of 4.62%. The firm had revenue of $405.60 million for the quarter, compared to analysts’ expectations of $332.02 million. During the same quarter in the previous year, the business posted ($0.44) earnings per share. The business’s revenue for the quarter was down 21.1% on a year-over-year basis. As a group, analysts expect that Teekay will post -0.5 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Friday, November 2nd will be issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Thursday, November 1st. Teekay’s dividend payout ratio (DPR) is currently -15.94%.

A number of research analysts recently commented on TK shares. Morgan Stanley boosted their price target on Teekay from $6.00 to $6.50 and gave the company an “underweight” rating in a research note on Wednesday, June 13th. ValuEngine raised Teekay from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $8.00 price target on shares of Teekay in a research note on Monday, August 20th.

Teekay Company Profile

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 storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

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