NEW YORK (TheStreet) --Shares of Teekay Corp. (TK - Get Report) are sinking 8.33% to $8.47 on heavy trading volume mid-afternoon on Thursday after the Bermuda-based company reported an unexpected loss for the 2016 first quarter.
Before today's opening bell, the oil and gas shipping company posted an adjusted net loss of 8 cents per share, while analysts were expecting earnings of 20 cents per share.
During the same quarter last year, Teekay reported earnings of 22 cents per share.
Revenue was $641.1 million for the quarter, above analysts' estimates of $605.6 million.
Consolidated cash flow from vessel operations increased 12% to $359 million from last year.
About 2.72 million of the company's shares were traded so far today compared to its average volume of 1.41 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and attractive valuation levels.
However, the team also finds weaknesses including generally higher debt management risk, weak operating cash flow and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TK