Could Teekay Corporation (NYSE:TK) Change Direction After More Shorts?

March 13, 2018 - By Linda Rogers

 Could Teekay Corporation (NYSE:TK) Change Direction After More Shorts?

The stock of Teekay Corporation (NYSE:TK) registered an increase of 8.06% in short interest. TK’s total short interest was 10.53M shares in March as published by FINRA. Its up 8.06% from 9.74 million shares, reported previously. With 2.85 million shares average volume, it will take short sellers 4 days to cover their TK’s short positions. The short interest to Teekay Corporation’s float is 19.66%.

It closed at $8.67 lastly. It is down 28.54% since March 13, 2017 and is downtrending. It has underperformed by 45.24% the S&P500.

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. The company has market cap of $782.53 million. It operates shuttle tankers, floating storage and offloading 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. It currently has negative earnings. The firm also operates floating production, storage, and offloading (FPSO) units, as well as other vessels used to service its FPSO contracts; liquefied natural gas (LNG) and liquefied petroleum gas carriers; and conventional crude oil and product tankers.

Teekay Corporation (NYSE:TK) Ratings Coverage

Among 6 analysts covering Teekay Corporation (NYSE:TK), 2 have Buy rating, 1 Sell and 3 Hold. Therefore 33% are positive. Teekay Corporation had 16 analyst reports since August 7, 2015 according to SRatingsIntel. Jefferies maintained the shares of TK in report on Monday, June 26 with “Hold” rating. Jefferies maintained Teekay Corporation (NYSE:TK) rating on Wednesday, July 27. Jefferies has “Hold” rating and $7 target. The stock of Teekay Corporation (NYSE:TK) has “Underweight” rating given on Monday, February 12 by Morgan Stanley. RBC Capital Markets maintained the stock with “Hold” rating in Friday, June 16 report. As per Tuesday, May 31, the company rating was maintained by Morgan Stanley. The rating was initiated by Jefferies with “Hold” on Monday, December 18. On Friday, August 4 the stock rating was maintained by Jefferies with “Hold”. Jefferies maintained Teekay Corporation (NYSE:TK) rating on Tuesday, September 5. Jefferies has “Hold” rating and $8.0 target.

More notable recent Teekay Corporation (NYSE:TK) news were published by: Seekingalpha.com which released: “Teekay: Irrational Sell-Off As Transition Continues” on March 01, 2018, also Globenewswire.com with their article: “Teekay Group Announces Fourth Quarter and Fiscal Year 2017 Earnings Results …” published on February 14, 2018, Fool.com published: “3 Biggest Challenges Facing Teekay Corporation” on February 28, 2018. More interesting news about Teekay Corporation (NYSE:TK) were released by: Seekingalpha.com and their article: “Teekay’s (TK) CEO Kenneth Hvid on Q4 2017 Results – Earnings Call Transcript” published on February 23, 2018 as well as Hellenicshippingnews.com‘s news article titled: “Teekay Corporation Reports Fourth Quarter And Annual 2017 Results” with publication date: February 22, 2018.

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