Teekay Corporation TK saw a big move in the last trading session, as the company’s shares fell by over 58% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent trend for TK, as the stock is now down 74% in the past one-month time frame.
The company’s shares slumped after it slashed its quarterly dividend by 90% to 5.5 cents per share, down from 55 cents per share.
The company, which primarily provides crude oil and gas marine transportation services in Bermuda and internationally, has seen a flat track record when it comes to current year estimate revisions over the past few weeks, and the consensus for earnings hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.
TK currently holds a Zacks Rank #4 (Sell) while its Earnings ESP is 0.00%.
Investors interested in the Transportation — Shipping industry may consider a better-ranked stock like Danaos Corporation DAC, carrying a Zacks Rank #1 (Strong Buy).
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