Teekay (NYSE:TK) Trading Down 3.5% – Here’s Why

Teekay Corporation Ltd. (NYSE:TK) fell 3.5% during trading on Tuesday . The company traded as low as $13.53 and last traded at $13.8620. 88,153 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 581,623 shares. The stock had previously closed at $14.36.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TK shares. Wall Street Zen raised shares of Teekay from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of Teekay from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy”.

Teekay Stock Down 3.3%

The company’s 50-day moving average price is $12.47 and its 200-day moving average price is $12.28. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 6.68 and a beta of 0.25.

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

Insider Buying and Selling

In related news, CFO Brody Speers sold 2,350 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $13.10, for a total value of $30,785.00. Following the completion of the sale, the chief financial officer owned 1,014 shares of the company’s stock, valued at approximately $13,283.40. This represents a 69.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kenneth Hvid sold 132,884 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $14.28, for a total transaction of $1,897,583.52. Following the completion of the sale, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at $1,506,540. This represents a 55.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 190,257 shares of company stock valued at $2,593,468 over the last 90 days. Insiders own 2.38% of the company’s stock.

Institutional Trading of Teekay

Several hedge funds have recently made changes to their positions in the company. Mercuria Capital Strategies LLC acquired a new stake in Teekay during the 4th quarter worth $11,091,000. Allspring Global Investments Holdings LLC increased its stake in Teekay by 58.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after purchasing an additional 1,029,977 shares during the period. Dimensional Fund Advisors LP increased its stake in Teekay by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company’s stock valued at $66,004,000 after purchasing an additional 79,826 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Teekay in the first quarter valued at about $875,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Teekay during the fourth quarter worth about $630,000. Hedge funds and other institutional investors own 46.73% of the company’s stock.

Teekay Company Profile

Teekay Corporation (NYSE: TK) is a marine transportation company that provides international shipping services for the energy industry. Through its subsidiaries and affiliated companies, Teekay is primarily involved in the ownership and operation of crude oil and refined petroleum product tankers that transport energy commodities around the world.

The company’s fleet and commercial operations serve energy producers, refiners, commodity traders and other customers across major global shipping routes.