Teekay (NYSE:TK) Shares Down 5.9% – Should You Sell?

Teekay Corporation Ltd. (NYSE:TK) shares dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $12.75 and last traded at $12.5780. 35,844 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 579,613 shares. The stock had previously closed at $13.36.

Analysts Set New Price Targets

Several brokerages have commented on TK. Weiss Ratings cut shares of Teekay from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, August 20th. Wall Street Zen raised shares of Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

Teekay Stock Performance

The stock has a market capitalization of $1.11 billion, a PE ratio of 6.15 and a beta of 0.23. The firm has a 50 day moving average of $11.49 and a 200-day moving average of $12.04.

Teekay (NYSE:TK) last released its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.68. Teekay had a net margin of 15.78% and a return on equity of 7.91%. During the same period last year, the firm posted $0.22 EPS.

Insider Activity

In other news, CEO Kenneth Hvid sold 6,822 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $12.04, for a total value of $82,136.88. Following the completion of the sale, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at approximately $1,270,220. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rudolph Krediet sold 41,457 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $11.45, for a total value of $474,682.65. Following the sale, the director owned 35,167 shares in the company, valued at approximately $402,662.15. This represents a 54.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 454,206 shares of company stock valued at $5,541,325 in the last quarter. 2.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TK. Public Employees Retirement System of Ohio bought a new position in shares of Teekay during the second quarter worth $33,000. Transamerica Financial Advisors LLC grew its position in Teekay by 250.8% in the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock valued at $40,000 after purchasing an additional 3,130 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Teekay in the fourth quarter valued at about $43,000. Cubist Systematic Strategies LLC bought a new stake in shares of Teekay during the 1st quarter worth approximately $48,000. Finally, CWM LLC raised its holdings in shares of Teekay by 34.2% in the 4th quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock valued at $51,000 after purchasing an additional 1,449 shares during the period. 46.73% of the stock is currently owned by institutional investors.

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.