Teekay Shipping (TK) Receives a Downgrade
Expert analysts at Wells Fargo’s equity research division lowered the rating for shares of Teekay Shipping (TK) from a “Outperform” to a “Market Perform” on Thursday morning.
Approximately 13.42M shares of stock traded hands or 1396.37% up from the average. Teekay Corporation (TK) has declined 63.65% since May 14, 2015 and is downtrending. It has underperformed by 61.38% the S&P500.
Teekay Corporation is a provider of crude gas and oil marine transportation services. The company has a market cap of $1.26 billion. The Firm also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. It has 17.69 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).
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.”