Teekay (NYSE:TK) Trading Up 7.2% – Still a Buy?

Shares of Teekay Corporation Ltd. (NYSE:TK) shot up 7.2% during trading on Wednesday . The stock traded as high as $9.47 and last traded at $9.52. 226,566 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 544,377 shares. The stock had previously closed at $8.88.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Teekay in a research report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Teekay currently has a consensus rating of “Hold”.

Teekay Price Performance

The business has a 50-day simple moving average of $9.52 and a 200-day simple moving average of $8.60. The firm has a market capitalization of $891.31 million, a PE ratio of 6.88 and a beta of 0.18.

Hedge Funds Weigh In On Teekay

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Teekay by 130.4% in the second quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock worth $16,366,000 after buying an additional 1,122,843 shares during the period. Millennium Management LLC grew its position in Teekay by 153.8% in the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after acquiring an additional 720,093 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Teekay by 40.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock worth $17,362,000 after purchasing an additional 604,666 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Teekay by 36.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,394,516 shares of the shipping company’s stock worth $11,477,000 after purchasing an additional 371,530 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Teekay during the third quarter valued at $2,712,000. 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.