Shares in Teekay Corp led rising shares in New York Monday after a stock researcher and blogger unveiled a bullish outlook for the company in 2017.
The Vancouver-headquartered energy shipping group saw its shares jump 17.9% to hit $8.10 in late trading today.
With more than 72.8 million shares outstanding, the jump equated to an additional $89.6m in market value.
Undervalued?
J Mintzmeyer, the lead researcher for Value Investor's Edge and a blogger for stock website Seeking Alpha, says mainstream analysts have been undervaluing the company as its shares been trading in correlation with oil prices.
But he expects that to change once Teekay reaches the finish long on efforts to tackle funding gaps across a group that includes Teekay LNG, Teekay Offshore and Teekay Tankers.
"Once the final growth funding gaps are filled and distributions are restored, this valuation shift will be reversed," wrote Mintzmeyer, who acknowledges that he invests in Teekay's shares. "[Teekay] stock is poised to triple or better, and I expect mainstream analyst price targets to skyrocket."
Rising tide
Most other US-listed shipping shares were also rising Monday, with the Dow Jones US Marine Transportation Index up 1.4% in afternoon trading.
But several dry-bulk stocks were heading downward, led by small Globus Maritime, which plunged 19.8% to $4.70 so far.
