Teekay (NYSE:TK) Hits New 12-Month High – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK) hit a new 52-week high during trading on Tuesday . The company traded as high as $10.27 and last traded at $10.3550, with a volume of 302211 shares changing hands. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d+)” rating on shares of Teekay in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Teekay Stock Performance

The company has a 50 day moving average of $8.92 and a 200-day moving average of $8.38. The stock has a market cap of $914.23 million, a price-to-earnings ratio of 7.06 and a beta of 0.35.

Institutional Trading of Teekay

Several hedge funds have recently modified their holdings of TK. JPMorgan Chase & Co. grew its position in shares of Teekay by 130.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock valued at $16,366,000 after buying an additional 1,122,843 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Teekay in the 1st quarter valued at about $4,758,000. Millennium Management LLC increased 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 period. Arrowstreet Capital Limited Partnership raised its stake in Teekay by 40.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock valued at $17,362,000 after acquiring an additional 604,666 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Teekay during the 1st quarter worth approximately $3,242,000. 46.73% of the stock is currently owned by institutional investors and hedge funds.

Teekay Company Profile

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.