Today’s big question for investors is, “what’s going on with Teekay Corporation (NYSE:TK) stock? Its price is nose-diving -0.12 points, trading at $2.98 levels, and is down -3.71% from its previous close of $3.1. The shares seem to have an active trading volume day with a reported 409186 contracts so far this session. TK shares had a relatively better volume day versus average trading capacity of 751.01 thousand shares, but with a 68.75 million float and a -3.13% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TK stock indicates that the average analyst price target is $4 per share. This means the stock has a potential increase of 34.23% from where the TK share price has been trading recently which is between $3.02 and $3.12.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “JDP Capital Management finds significant support from other unit holders of Teekay Offshore (NYSE: TOO) to oppose Brookfield Business Partner’s (NYSE: BBU) take-under offer” and dated May 24, 2019.
During the recent trading session for Teekay Corporation (NYSE:TK), the company witnessed their stock rise $0.02 over a week and tumble down $-1.2 from the price 20 days ago. When compared to their established 52-week high of $8.25, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 06/22/18. The recent low of $2.82 stood for a -64.34% since 06/06/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.44 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Teekay Corporation, the two-week RSI stands at 30.75. This figure suggests that TK stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current TK readings is similarly very revealing as it has a stochastic reading of 14.53% at this stage. This figure means that TK share price today is being overbought.
Technical chart claims that Teekay Corporation (TK) would settle between $3.14/share to $3.18/share level. However, if the stock price goes below the $3.04 mark, then the market for Teekay Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $2.98 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.01. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at BofA/Merrill, assumed coverage of TK assigning Buy rating, according to their opinion released on October 22. Morgan Stanley analysts have lowered their rating of Teekay Corporation (NYSE:TK) stock from Equal-Weight to Underweight in a separate flash note issued to investors on June 09. Analysts at Raymond James lowered the stock to a Mkt Perform call from its previous Strong Buy recommendation, in a research note that dated back to December 21.
TK equity has an average rating of 3, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 0 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 0 analysts rated Teekay Corporation (NYSE:TK) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, TK stock price is currently trading at 7.21X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.35 while for the average stock in the same group, the multiple is 3.02.