Stock Worth Watching: Could Teekay Corporation Change Direction After Today’s Big Increase?

Stock Worth Watching: Could Teekay Corporation Change Direction After Today's Big Increase?

The stock of Teekay Corporation (NYSE:TK) is a huge mover today! About 1.53M shares traded hands or 6.99% up from the average. Teekay Corporation (NYSE:TK) has declined 26.26% since April 4, 2016 and is downtrending. It has underperformed by 27.35% the S&P500.
The move comes after 5 months positive chart setup for the $436.51M company. It was reported on Nov, 4 by Barchart.com. We have $14.42 PT which if reached, will make NYSE:TK worth $567.46 million more.

Teekay Corporation (NYSE:TK) Ratings Coverage

Out of 6 analysts covering Teekay Corporation (NYSE:TK), 3 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 50% are positive. Teekay Corporation has been the topic of 10 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm has “Equal-Weight” rating given on Tuesday, May 31 by Morgan Stanley. Jefferies maintained the shares of TK in a report on Wednesday, July 27 with “Hold” rating.

According to Zacks Investment Research, “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.”

Another recent and important Teekay Corporation (NYSE:TK) news was published by Twst.com which published an article titled: “Teekay Corporation: Teekay Group Announces Third Quarter 2016 Earnings Results …” on October 24, 2016.

TK Company Profile

Teekay Corporation (Teekay), incorporated on February 9, 1979, is a well-known provider of crude gas and oil marine transportation services. The Firm also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Firm is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors through its subsidiary, Teekay LNG Partners L.P. (Teekay LNG). It is engaged in the activities in the offshore production, storage and transportation sector through its subsidiary, Teekay Offshore Partners L.P. (Teekay Offshore) and through its interest in Teekay Petrojarl AS. It is also engaged in the conventional tanker business through its subsidiary, Teekay Tankers Ltd. (Teekay Tankers). Teekay provides a set of marine services to the gas and oil companies. The Firm has four lines of business: offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and off-take (FSO) units, units for maintenance and safety (UMS), and long-distance towing and offshore installation vessels), offshore production (floating production, storage and offloading (FPSO) units), liquefied gas carriers and conventional tankers.

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