14.95 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||13.11 x 3100|
|Ask||14.99 x 800|
|Day's Range||14.55 - 15.23|
|52 Week Range||10.74 - 17.50|
|Beta (3Y Monthly)||1.39|
|PE Ratio (TTM)||27.28|
|Earnings Date||Nov 13, 2019 - Nov 18, 2019|
|Forward Dividend & Yield||0.76 (5.10%)|
|1y Target Est||18.00|
There seem to be more caveats, at least between the lines, on the crude oil tanker front as well. Third-quarter crude-tanker rate disclosures and commentary from executives of Teekay Tankers (NYSE: TNK) on August 1 echoed what was said the previous day on the product-tanker side by Scorpio Tankers (NYSE: STNG) and Ardmore Shipping (NYSE: ASC) – i.e., the IMO 2020 rule that caps fuel sulfur content at 0.5 percent starting January 1, 2020 is not yet affecting tanker rates. During a conference call with analysts, Teekay Tankers chief executive officer Kevin Mackay said that the timing of the switchover, whether to marine gas oil (MGO) or new blended products known as very low sulfur fuel oil (VLSFO), hinged on the vessel type.
Highlights GAAP net loss attributable to shareholders of Teekay of $39.5 million, or $0.39 per share, and adjusted net loss attributable to shareholders of Teekay(1) of $13.4.
Highlights GAAP net income attributable to the partners and preferred unitholders of $16.4 million and GAAP net income per common unit of $0.12.Adjusted net income(1).
HAMILTON, Bermuda, July 19, 2019 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution.
HAMILTON, Bermuda, June 17, 2019 -- Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared cash distributions.
Teekay Corporation (Teekay) (TK) presented at its 2019 Annual General Meeting on Monday, June 10, 2019, which included details on its two publicly-traded Daughter entities, Teekay LNG Partners L.P. (Teekay LNG) (TGP) and Teekay Tankers Ltd. (Teekay Tankers) (TNK). It is my pleasure to report to you at this Annual General Meeting as Teekay’s President and Chief Executive Officer. Over the past three years, we have completed several important initiatives with the objective of de-risking, delevering and preserving value and optionality during what was a very challenging time for the energy and capital markets, while also executing on a very large gas project orderbook that is delivering on-time or early and on-budget. With the recent successful refinancing of Teekay’s 2020 bond, the near completion of all our LNG growth projects, and the anticipated improvement in tanker shipping market fundamentals, we believe Teekay has reached a positive turning point and the Teekay Group is in the best position it has been in for quite a few years.
Effective immediately, Alan Semple, David Schellenberg, Richard Paterson, and Sylvia Barnes will be joining the Board, and current director Kenneth Hvid, will become the Chair of the Board. Mr. Hvid is also the President and CEO of Teekay Corporation, which owns the Company.
Could Einhorn’s Top Positions Turn His Fund's Performance Around?(Continued from Prior Part)Teekay LNG PartnersDavid Einhorn’s Greenlight Capital (GLRE) initiated a new stake in Teekay LNG Partners (TGP) during the first quarter of 2019. The
Teekay Corporation (Teekay or the Company) (TK) announced today the expiration and final tender results of its previously announced cash tender offer to purchase any and all of its outstanding $497.7 million in aggregate principal amount of 8.5% senior notes due 2020 (the 2020 Notes and such tender offer, the Offer). The Offer expired at 11:59 p.m., New York City time, on May 21, 2019 (the Expiration Time). The Company previously accepted for purchase approximately $458.0 million in aggregate principal amount of 2020 Notes that were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on May 7, 2019 (the Early Tender and Consent Date), for cash consideration of $1,032.50 per $1,000 in principal amount of 2020 Notes, plus accrued and unpaid interest, and paid for such 2020 Notes on May 13, 2019.
On May 23, Teekay Corporation (NYSE: TK), the parent holding company, reported a net loss of $84.3 million in the first quarter of 2019, compared to a loss of $20.6 million in the same period the year before. Teekay Tankers (NYSE: TNK) posted net income of $12.4 million in the latest quarter, compared to a loss of $19.2 million in the first quarter of 2018. Teekay LNG (NYSE: TGP) reported net income in the most recent period of $21.6 million, up from a loss of $6.9 million in the first quarter of 2018.
Teekay Corporation (Teekay or the Company) (TK) has entered into an agreement with a subsidiary of Canadian Natural Resources Ltd. (CNR) to extend the employment of the Petrojarl Banff FPSO unit (Petrojarl Banff) on the Banff field in the North Sea for a period of one year to the end of August 2020 at substantially similar terms to the current contract, which includes an upside component linked to oil prices and oil/gas production. “We are pleased to announce this important FPSO contract extension for the Petrojarl Banff, which extends the production of the fields in the North Sea, and we are committed to work together with CNR to maximize production in the future,” commented Kenneth Hvid, Teekay’s President and Chief Executive Officer.
The start-up of the Bahrain liquefied natural gas (LNG) import terminal has been delayed to the third quarter this year from May, Teekay LNG Partners , which owns a share in the terminal, said in its financial results on Thursday. Teekay said the terminal is still under construction, which has delayed the beginning of operations until Q3. Bahrain LNG, which is developing the terminal, is jointly owned by the National Oil and Gas Authority (NOGA) of Bahrain, Teekay LNG Partners, Samsung Construction and Trading and the Gulf Investment Corp.
Highlights GAAP net loss attributable to shareholders of Teekay of $84.3 million, or $0.84 per share, and adjusted net loss attributable to shareholders of Teekay(1) of $13.0.
Highlights GAAP net income attributable to the partners and preferred unitholders of $21.6 million and GAAP net income per common unit of $0.19.Adjusted net income attributable.
Teekay Corporation (Teekay or the Company) (TK) announced today the results to date of its previously announced cash tender offer (the Offer) to purchase any and all of its outstanding 8.5% Senior Notes due 2020 (the Notes), upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of April 24, 2019 (the Offer to Purchase) and the related Letter of Transmittal and Consent. According to information received from Ipreo LLC, the depositary and information agent for the Offer, as of 5:00 p.m., New York City time, on May 7, 2019 (the Early Tender and Consent Date), Teekay had received valid tenders from holders of the Notes that were not validly withdrawn as set forth in the table below.
Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of December. At Insider Monkey, we follow nearly 750 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are […]
Teekay Corporation (Teekay or the Company) (TK) announced today the pricing at par of $250 million in aggregate principal amount of 9.25% senior secured notes due November 2022 (the Notes). The Company decided to reduce the offering amount from $300 million as a result of its previously announced agreement to sell the Company’s remaining interests in Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE: TOO) to Brookfield Business Partners L.P. (BBU)(BBU-UN.TO), together with its institutional partners (collectively Brookfield), for $100 million in cash. The Notes are being offered to eligible purchasers under Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended (the Securities Act).
Dividend investing is all about owning investments that pay you -- and pay you well -- through thick and thin markets. And whether you are building a portfolio or living off of a portfolio in retirement, dividends equally make for better returns. If you are starting out and working to increase your portfolio, piling up dividend cash and re-investing, makes for a great deal more certainty over placing a bet that the general stock market will simply go up. And of course, in retirement, dividend cash is an excellent compliment to other retirement income.Source: Shutterstock In addition, dividends are one of the more valuable components of the performance of the general stock market. If you look at the return of the S&P 500 Index over the trailing twenty years, the S&P is up in price by 120.71%. But including the dividends, the return is 223.55%, which is 1.93 times better.But there is an even better means of investing for dividends which is even safer than the general stock market.InvestorPlace - Stock Market News, Stock Advice & Trading TipsPreferred dividend stocks. More than Mere CommonersCommon stocks are what make up the vast majority of the stock market and the model portfolios of my Profitable Investing. They represent equity in the underlying companies that issue them, and they rise and fall in price with the valuation and projections of success of those underlying companies. * The 10 Best Stocks to Buy for May Dividends are paid by the company without requirement and will fluctuate based on the cashflows and profits of the companies, guided by management.Preferred shares are a different kind of stock. They are issued by companies typically with a fixed dividend, paid quarterly. And while they do represent an interest in the companies' assets and businesses, their price will tend to be more stable than for common stock as they represent more of a debt of the company, much like a bond.They got their start back in the 19th century in the U.S. market, as railroads were seeking to expand their networks westward and needed capital. Bu since many of the railroads had already borrowed heavily in bank loans and bonds, investors were reluctant to lend more or buy more bonds.The solution was a hybrid of a security that would be sold as equity but with the certainty of higher dividend payments. And if the railroads failed, investors would be next in-line just behind bond holders and well ahead of common stock investors in getting paid.Preferred stocks became a success. And thanks to evolving credit and accounting and tax rules, preferreds became ideal for companies to issue them as an attractive additional form of capital.Preferred stocks have continued in the market, albeit at a lower number than for common stocks. And that's one of the things that makes them attractive. Being less noticed than common stocks, they tend to trade more under the radar of traders, and that makes them more ideal for individual investors who seek less volatility with more certainty of higher dividend payments.This reduced volatility means less stock market risk when compared to common stocks. If you look at the trailing 12 months and compare the volatility of the S&P 500 Index of common stocks and the S&P Preferred Stock Index, you'll see that on a 100-day basis, the current volatility of the S&P 500 is running at 16.7% while the Preferred is running at only 5.5%. And even at the recent peak in volatility in February of this year, the S&P 500 volatility was running at 21.7% while the Preferred Index was merely a blip at 6.1%.Lower volatility and more certainty in dividend distributions make preferred stock the preferred dividend strategy. Preferred Stock PerformanceIn addition, there are fewer indexes that track the market for preferreds and even those that do, don't necessarily fully reflect the broad variety of the shares. Instead, most of the indexes focus on banks and financial firms' preferred stocks which can distort the true attractiveness of many of the individual issues.But they do continue to perform. For the past trailing five-years, the S&P Preferred Stock Index has shown a total return of 28.12% for an annual equivalent return of 5.08%. Again, with a whole lot less volatility along the way as noted above.S&P Preferred Stock Index Source BloombergThis means that the security of preferred shares, along with declared dividends, is no major sacrifice. A Preferred Fund, ETF and Stocks to BuyTo start investing in preferred stocks, there are three main ways to proceed -- mutual funds, exchange-traded funds and individual preferred stocks.One of my favorite funds is the closed-end Flaherty & Crumrine Preferred Income Opportunity Fund (NYSE:PFO), with a 6.6% dividend yield. It is trading at a small discount to its net asset value, making for an even better buy right now. It has a series of preferred stocks in banks and insurance companies, as well as utilities, pipelines and other issuers. And its return over the past five years has been even better than the Preferred Index noted above. The fund has turned in a return of 40.4% for an average annual equivalent return of 7%.Then on the ETF front, one of the more prominent is the iShares Preferred and Income Securities ETF (NASDAQ:PFF). It tracks the general market for preferred stock with synthetic representation in financials, utilities, pipelines and other industry issuers. And it has turned in a return over the past five years of 23.8%, including its current dividend yield of 5.9%Then, for some individual preferred stocks, I have a collection of them inside the model portfolios of my Profitable Investing that come from varied industries. These companies are well-supported to pay ample dividends while taking more risk off of the table from common stocks. And here, I'll suggest a few of them.Now a word on buying these stocks. They do not trade with much volume, and with good reason. They are mostly bought by individual investors and funds that serve them, so they tend to be bought and owned -- not traded. So, when placing orders, use a limit near the current quote and watch to buy them strictly under my buy-under price recommendations.In addition, I'm recommending buying my small collection together. Spreading around your own allocation to preferred stocks will limit your risk and will make it easier to buy them in smaller sums at better prices rather than spiking market prices with larger individual buys. And note, that I provide the symbols for each of the preferreds along with the CUSIP or ISIN numbers which can be used to make certain that you buy the right issues.So, let's get on to my recommended bigger dividend preferred buys.Seaspan Corporation (NYSE:SSW) is sort of a real estate investment trust (REIT) of container ships. It leases out its ships to various companies on longer-term contracts. As such, it focuses on making contracts with viable operating shipping companies to maximize revenues from its fleet while controlling the risk of default.It has done a good job of this, with revenues up over the past year by 31.9% and ample operating margins sitting at 42.9%, which results in a return on common stock equity of 15.2% It has plenty of cash on hand and its debts are low at 55.2% of its floating and other assets, resulting in an under-leveraged landlord of the shipping lanes.It has a series of preferred shares as part of its capital. The preferred to buy is the 7.875% Series H Preferred shares (SSW.H, CUSIP 81254U304) that are currently trading at $24.76 for a yield of 7.95%. This preferred is perpetual, meaning that there is no maturity. However, there is a call that the company can make to buy it back at $25 starting on August 11, 2021.Teekay LNG Partners (NYSE:TGP) is a passthrough that is focused on shipping liquified natural gas (LNG) as well as other petroleum products. The U.S. LNG export market continues to expand, particularly with the increased production of natural gas in the US and the expansion of pipelines and marine terminals for LNG. With global demand for LNG remaining strong as it replaces coal as the preferred form of energy -- companies upstream to downstream continue to see further progress.Teekay has rising revenues climbing by 18% over the trailing year. And operating margins are fat at 28.90%. And like for Seaspan, debt is manageable with debt to assets running at only 60.70% making for a lower leveraged company.The company has two preferreds in the market. I'm recommending the 9.00% Series A Preferred (TGP.A, ISIN MHY8564M1131). It is another perpetual maturity with a call on Oct. 5, 2021 at $25. It is trading at $25.50. for a yield of 8.8% and a yield to the next call of 8.3%.NuStar Energy (NYSE:NS) is a passthrough company with 8,700 miles of pipeline for refined petroleum products with additional pipelines for crude oil and other petroleum-related products. It also provides services for marketing companies in the Caribbean and South American marketsRevenues are positive gaining 8.10% over the past year and operating margins are ample at 18.5%. Like the other companies with preferred recommendations, it has controlled debts at only 49.3% of its ample assets.It has a series of preferred stocks as part of its petroleum logistics. I'm recommending the 8.5% Series A Preferred (NS.A CUSIP 67058H201) it has a fixed dividend of 8.5% through to December 15, 2021 at which it will shift to an adjustable dividend at the US three-month Treasury yield plus 6.766%. the price for the preferred is trading at $23.70 for a current yield of 9.77%.Neil George is the editor of Profitable Investing and does not have any holdings in the securities mentioned above. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 10 Best Stocks to Buy for May * 5 Elephant-Sized Companies Warren Buffett Could Buy * 7 Cheap ETFs for Novice Investors Compare Brokers The post Boring but Beautiful and Bountiful Dividend Stocks appeared first on InvestorPlace.