Teekay Corp Receives a Hold from Jefferies

By Ryan Adsit

In a report released yesterday, Douglas Mavrinac from Jefferies reiterated a Hold rating on Teekay Corp (NYSE: TK), with a price target of $7. The company’s shares closed yesterday at $6.46, close to its 52-week low of $5.45.

According to TipRanks.com, Mavrinac is a 5-star analyst with an average return of 8.4% and a 49.1% success rate. Mavrinac covers the Services sector, focusing on stocks such as Navios Maritime Partners Lp, Ship Finance International, and Golden Ocean Group Limited.

Currently, the analyst consensus on Teekay Corp is Hold and the average price target is $9, representing a 39.3% upside.

In a report issued on May 8, RBC Capital also reiterated a Hold rating on the stock with a $11 price target.

Based on Teekay Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $552 million and GAAP net loss of $2.66 million. In comparison, last year the company earned revenue of $641 million and had a GAAP net loss of $48.78 million.

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Teekay Corp. provides international crude oil and gas marine transportation services. It also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The company operates its business through four segments: shuttle tanker, FSO and offshore support, FPSO, liquefied gas, conventional tanker. The shuttle tanker, FSO and offshore support segment consists of shuttle tankers, FSO units, floating accommodation units and long-distance towing and offshore installation vessels. The FPSO segment consists of FPSO units and other vessels used to service its FPSO contracts. The liquefied gas segment consists of LNG and LPG carriers. The conventional tanker segment consists of conventional crude oil and product tankers. Teekay was founded by Jens Torben Karlshoej in 1973 and is headquartered in Hamilton, Bermuda.