Teekay Jumps On 4Q Report, Analyst Estimate Hike

NEW YORK (AP) — Shares of oil tanker operator Teekay Corp. rose Friday, as an analyst raised his earnings forecast a day after the company reported improved fourth-quarter results.

Jefferies & Co. analyst Douglas Mavrinac increased his estimates for this year and next, crediting better-than-expected charter rates and reduced cost expectations for the fourth-quarter adjusted results that beat Wall Street's predictions. He also raised his 12-month prices target to $18 from $16.

He praised the company's significant liquidity and secure cash position that he says will allow it to weather challenging market conditions ahead. ...