Teekay Shipping Corp Down 12.14% To $7.24 After Earnings

Thursday, February 22, 2024 - Teekay Shipping Corp (TK) reported upside earnings and revenues today.

Teekay Shipping Corp earnings per share (EPS) came in at of $0.35. Teekay Shipping Corp's earnings were down 20% year-over-year as the firm reported an EPS of $0.44 in its year-ago quarter. The negative annual growth shows the Energy company isn't performing well amid current economic conditions.

Teekay Shipping Corp Q4 2023 revenue came in at $339.2 million. The company achieved negative 14% growth year-over-year compared to the firm's revenue of $393.5 million from the year-ago quarter. The lower earnings growth relative to revenue signals Teekay Shipping Corp has not been able to improve its profit margin.

The stock is down 12.14% to $7.24 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Trading in the five days leading up to the report earned Teekay Shipping Corp a Bullish Sentiment Rank from InvestorsObserver.

Teekay Shipping Corp has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 86, putting Teekay Shipping Corp in the top 25% of stocks. The firm was recently trading at a 52-week high of $9.28 on February 1, 2024 and set a 52-week low on May 4, 2023 at $5.01.

Teekay Corp is engaged in providing crude oil and gas marine transportation services. It also offers offshore oil production, storage, and offloading services, primarily under long-term, fixed-rate contracts. The company has three primary lines of business: offshore production (FPSO units), operational and maintenance marine services, and conventional tankers. It manages these businesses for the benefit of all stakeholders. The company serves energy and utility companies, oil traders, large oil and LNG consumers, petroleum product producers, government agencies, and various other entities that depend upon marine transportation.