Teekay Co. (NYSE:TK) announced a quarterly dividend on Wednesday, October 3rd, RTT News reports. Investors of record on Friday, November 2nd will be paid a dividend of 0.055 per share by the shipping company on Wednesday, November 14th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Thursday, November 1st.
Teekay has decreased its dividend by an average of 44.2% per year over the last three years. Teekay has a payout ratio of -44.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Teekay to earn $1.56 per share next year, which means the company should continue to be able to cover its $0.22 annual dividend with an expected future payout ratio of 14.1%.
Shares of TK opened at $6.51 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.39. Teekay has a 12 month low of $6.18 and a 12 month high of $10.90.
A number of analysts have issued reports on TK shares. Bank of America started coverage on Teekay in a research report on Monday, October 22nd. They issued a “buy” rating and a $8.00 target price for the company. Jefferies Financial Group reissued a “hold” rating and issued a $8.00 target price on shares of Teekay in a research report on Monday, August 20th. Finally, ValuEngine raised Teekay from a “sell” rating to a “hold” rating in a research report on Tuesday, July 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $7.50.
A hedge fund recently raised its stake in Teekay stock. Bank of New York Mellon Corp boosted its position in Teekay Co. (NYSE:TK) by 6.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 261,080 shares of the shipping company’s stock after buying an additional 15,115 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.26% of Teekay worth $2,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 29.08% of the stock is owned by institutional investors.
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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