Shares of Teekay Corporation (TK) Continue to Rally As Oil Bounces

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The last six to seven weeks have been a nightmare if you are long shares of Teekay Corporation (NYSE:TK). Over this time frame the stock has plunged more than 75%. At the start of December shares were trading as high as $28, before the combination of bad news and a drastic decline in oil prices ravaged the stock.

After dropping below $5 earlier in the week, shares of Teekay Corporation (NYSE:TK) are now on the rebound as oil bounces back substantially from yesterday’s lows. The stock began its rally early Wednesday following a major decline to just north of $4.50 a share. By the end of the day Wednesday the stock was trading just under $5 a share. On Thursday there were further gains, and today the stock has soared more that 15%.

While investors remain skeptical about the the prospects of a major oil price increase, the stock seems to have been oversold by quite a bit and investors may had been too pessimistic. The stock is up 15.20% or $0.83 following the news, hitting $6.29 per share. About 2.73 million shares traded hands. TK has declined 87.82% since June 17, 2015 and is downtrending. It has underperformed the S&P500 by 78.95%.

From a total of 5 analysts covering Teekay Corporation (NYSE:TK) stock, 4 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 80% of the ratings are positive. The highest target price is $57 while the lowest target price is $38. The mean of all analyst targets is $47.40 which is 653.58% above today’s ($6.29) stock price. Teekay Corporation was the topic of 5 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc.

Teekay Corporation is a provider of crude gas and oil marine transportation services. The company has a market cap of $404.04 million. The Firm also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. It has 15.5 P/E ratio. 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).

#focuskw=’Teekay Corporation (NYSE:TK)’##metadesc=’The last six to seven weeks have been a nightmare if you are long shares of Teekay Corporation (NYSE:TK). Over this time frame the stock has plunged more than 75%. At the start of December shares were trading as high as $28, before the combination of bad news and a drastic decline in oil prices ravaged the stock.After dropping below $5 earlier in the week, shares of Teekay Corporation (NYSE:TK) are now on the rebound as oil bounces back substantially from yesterday’s lows. The stock began its rally early Wednesday following a major decline to just north of $4.50 a share. By the end of the day Wednesday the stock was trading just under $5 a share. On Thursday there were further gains, and today the stock has soared more that 15%. While investors remain skeptical about the the prospects of a major oil price increase, the stock seems to have been oversold by quite a bit and investors may had been too pessimistic. ‘##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NYSE:TK’#

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