Teekay (NYSE:TK) Stock Price Down 7.3% – Here’s What Happened

Teekay Corporation Ltd. (NYSE:TK) fell 7.3% during trading on Thursday . The stock traded as low as $11.21 and last traded at $11.1840. 249,009 shares traded hands during trading, a decline of 57% from the average session volume of 584,537 shares. The stock had previously closed at $12.06.

Analyst Ratings Changes

A number of brokerages recently weighed in on TK. Weiss Ratings raised Teekay from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Wall Street Zen lowered shares of Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Hold rating, According to MarketBeat, Teekay currently has a consensus rating of “Hold”.

Teekay Trading Down 8.0%

The firm’s 50-day simple moving average is $12.64 and its two-hundred day simple moving average is $11.43. The stock has a market capitalization of $962.74 million, a PE ratio of 7.36 and a beta of 0.19.

Teekay (NYSE:TK) last issued its quarterly earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.44. The business had revenue of $285.82 million for the quarter, compared to the consensus estimate of $285.82 million. Teekay had a return on equity of 6.36% and a net margin of 13.03%.

Teekay Dividend Announcement

The firm also recently announced a special dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, May 26th.

Insiders Place Their Bets

In related news, CEO Kenneth Hvid sold 315,335 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $12.36, for a total transaction of $3,897,540.60. Following the transaction, the chief executive officer directly owned 112,322 shares of the company’s stock, valued at approximately $1,388,299.92. The trade was a 73.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brody Speers sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $12.15, for a total transaction of $66,825.00. Following the completion of the transaction, the chief financial officer owned 3,364 shares in the company, valued at approximately $40,872.60. This represents a 62.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 408,818 shares of company stock worth $5,014,530 over the last quarter. Company insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Teekay

Institutional investors and hedge funds have recently modified their holdings of the stock. Transamerica Financial Advisors LLC raised its holdings in shares of Teekay by 250.8% during the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock worth $40,000 after acquiring an additional 3,130 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Teekay in the fourth quarter valued at about $43,000. Cubist Systematic Strategies LLC purchased a new position in Teekay in the first quarter valued at about $48,000. CWM LLC increased its position in Teekay by 34.2% in the 4th quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock worth $51,000 after purchasing an additional 1,449 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Teekay by 194.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock worth $63,000 after purchasing an additional 5,022 shares in the last quarter. 46.73% of the stock is currently owned by hedge funds and other institutional investors.

About Teekay

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.