Teekay (NYSE:TK) Reaches New 1-Year High – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK) hit a new 52-week high on Friday . The company traded as high as $14.39 and last traded at $14.3810, with a volume of 626945 shares trading hands. The stock had previously closed at $14.10.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Teekay from a “hold” rating to a “buy” rating in a research 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 investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy”.

Teekay Stock Up 2.0%

The business has a 50-day simple moving average of $12.04 and a two-hundred day simple moving average of $12.20. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 6.91 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, beating the consensus estimate 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 quarter in the previous year, the firm posted $0.22 EPS.

Insider Transactions at Teekay

In other Teekay news, Director Heidi Simon sold 18,119 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $12.37, for a total value of $224,132.03. Following the sale, the director directly owned 47,582 shares in the company, valued at approximately $588,589.34. The trade was a 27.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kenneth Hvid sold 132,884 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was 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 owned 105,500 shares in the company, valued at approximately $1,506,540. This trade represents a 55.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 271,018 shares of company stock valued at $3,555,523 in the last three months. 2.38% of the stock is currently owned by insiders.

Institutional Trading of Teekay

Several institutional investors and hedge funds have recently added to or reduced their stakes in TK. Sequoia Financial Advisors LLC boosted its holdings in Teekay by 8.3% during the second quarter. Sequoia Financial Advisors LLC now owns 62,187 shares of the shipping company’s stock worth $622,000 after buying an additional 4,781 shares in the last quarter. Engineers Gate Manager LP increased its holdings in shares of Teekay by 55.9% in the second quarter. Engineers Gate Manager LP now owns 83,199 shares of the shipping company’s stock valued at $832,000 after buying an additional 29,845 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Teekay by 158.8% in the second quarter. California State Teachers Retirement System now owns 7,460 shares of the shipping company’s stock valued at $746,000 after buying an additional 4,578 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Teekay by 4.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 79,587 shares of the shipping company’s stock valued at $796,000 after acquiring an additional 3,473 shares during the last quarter. Finally, AXQ Capital LP acquired a new stake in shares of Teekay during the 2nd quarter valued at $133,000. 46.73% of the stock is owned by institutional investors and hedge funds.

About Teekay

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.