Teekay Corporation (NYSE:TK) Stock Sees Selling Pressure At Higher Level
Teekay Corporation (NYSE:TK) has not been in the news this week so far but that did not stop the company’s stock from suffering from a selloff on Wednesday.
Market Stats
On Wednesday, TK stock fell 3.20% to $3.63 with more than 1.24 million shares, compared to its average volume of 727k shares. The stock has moved within a range of $ =3.5700 – 3.7200 after opening the trade at $3.70.
Earnings Review
The Teekay Corporation stock went down by as much as 3% yesterday and in this situation, it is perhaps a good idea for investors to figure out if it could be an opportunity to get into the stock or not. Last Thursday the company was in the news after it announced its financial results for the third fiscal quarter and it could be the right time to take a closer look at some of the highlights.
In the third quarter, the net losses attributable to shareholders stood at $2.9 million and that worked out to per share loss of $0.03. On the other hand, the adjusted net income that was attributable to the shareholders stood at $0.1 million for the third quarter.
In addition to that, the total EBITDA on an adjusted basis came in at $165.2 million. The company also announced that in the third quarter it managed to bag a contract with the Australian Government that is going to run for a minimum of 6 years.
Key Quote
“In the third quarter of 2021, we recorded a small consolidated adjusted net profit. Stronger results from our marine services business in Australia and lower vessel operating expenses offset weaker spot tanker rates during the quarter,” commented Kenneth Hvid, Teekay’s President and CEO. “In September 2021, Teekay Parent secured a contract with the Australian Government Department of Defence to provide marine services for five Australian Government vessels for a firm period of six years, with options to extend for up to an additional 10 years. Teekay has had a presence in Australia since 1997 and already operates four Australian Government vessels. We are proud to have the Australian Government as a strategic partner and an important customer, and we view this expanded role in providing services for nine Australian Government vessels to be a solid foundation to further grow our business there.”
