Kenneth Hvid Sells 132,884 Shares of Teekay (NYSE:TK) Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 132,884 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,506,540. The trade was a 55.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Teekay Stock Up 2.0%

Shares of NYSE:TK opened at $14.38 on Friday. The firm has a fifty day moving average of $12.04 and a two-hundred day moving average of $12.20. Teekay Corporation Ltd. has a 12-month low of $7.80 and a 12-month high of $14.39. The firm has a market capitalization of $1.25 billion, a P/E ratio of 6.91 and a beta of 0.25.

Teekay (NYSE:TK) last posted its quarterly earnings results on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm earned $0.22 EPS.

Hedge Funds Weigh In On Teekay

Several hedge funds have recently bought and sold shares of TK. Sequoia Financial Advisors LLC lifted its position in shares of Teekay by 8.3% in 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 during the last quarter. Engineers Gate Manager LP boosted its stake in shares of Teekay by 55.9% during the 2nd quarter. Engineers Gate Manager LP now owns 83,199 shares of the shipping company’s stock worth $832,000 after acquiring an additional 29,845 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Teekay by 158.8% during the 2nd quarter. California State Teachers Retirement System now owns 7,460 shares of the shipping company’s stock valued at $746,000 after acquiring an additional 4,578 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings 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 bought a new position in shares of Teekay in the 2nd quarter valued at approximately $133,000. 46.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on TK. Weiss Ratings raised Teekay from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Wall Street Zen upgraded shares of Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Teekay presently has a consensus rating of “Buy”.

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.