Teekay (NYSE:TK) Shares Gap Down – Here’s Why

Teekay Corporation Ltd. (NYSE:TK)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $13.34, but opened at $12.38. Teekay shares last traded at $12.50, with a volume of 105,832 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Teekay Price Performance

The firm’s 50-day moving average price is $12.76 and its 200 day moving average price is $11.15. The firm has a market cap of $996.66 million, a P/E ratio of 7.61 and a beta of 0.23.

Teekay (NYSE:TK) last issued its quarterly earnings results on Wednesday, May 13th. The shipping company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.11 by $0.44. Teekay had a net margin of 13.03% and a return on equity of 6.36%. The business had revenue of $285.82 million for the quarter, compared to analysts’ expectations of $285.82 million.

Teekay Announces Dividend

The firm also recently announced a special dividend, which will be paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. Teekay’s dividend payout ratio (DPR) is currently 16.56%.

Hedge Funds Weigh In On Teekay

A number of large investors have recently bought and sold shares of TK. Cubist Systematic Strategies LLC bought a new position in Teekay in the first quarter worth about $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Teekay by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,460 shares of the shipping company’s stock valued at $213,000 after purchasing an additional 1,404 shares during the period. Millennium Management LLC boosted its position in Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after purchasing an additional 720,093 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Teekay during the 1st quarter valued at approximately $267,000. Finally, Jane Street Group LLC boosted its position in Teekay by 82.3% during the 1st quarter. Jane Street Group LLC now owns 160,068 shares of the shipping company’s stock valued at $1,052,000 after purchasing an additional 72,240 shares during the period. Institutional investors own 46.73% of the company’s stock.

Teekay Company Profile

Teekay Corporation (NYSE: TK) is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay’s core business is organized into three operating segments.