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

Shares of Teekay Corporation Ltd. (NYSE:TK) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $14.67 and last traded at $14.3660, with a volume of 897982 shares traded. The stock had previously closed at $14.19.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TK shares. Wall Street Zen upgraded Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. Weiss Ratings raised shares of Teekay from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Teekay Stock Performance

The stock’s 50 day simple moving average is $12.40 and its two-hundred day simple moving average is $12.27. The firm has a market capitalization of $1.28 billion, a PE ratio of 7.07 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 EPS for the quarter, beating the consensus estimate 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 previous year, the firm posted $0.22 earnings per share.

Insiders Place Their Bets

In related news, CEO Kenneth Hvid sold 132,884 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $14.28, for a total value of $1,897,583.52. Following the completion of the transaction, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at $1,506,540. This trade represents a 55.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Heidi Simon sold 11,585 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $14.08, for a total transaction of $163,116.80. Following the completion of the sale, the director directly owned 46,001 shares in the company, valued at $647,694.08. This trade represents a 20.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 208,376 shares of company stock worth $2,817,600 in the last ninety days. 2.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Teekay

Hedge funds have recently added to or reduced their stakes in the business. Diversified Trust Co raised its stake in shares of Teekay by 8.9% during the first quarter. Diversified Trust Co now owns 28,128 shares of the shipping company’s stock valued at $343,000 after purchasing an additional 2,306 shares in the last quarter. Savant Capital LLC raised its position in shares of Teekay by 22.2% during the fourth quarter. Savant Capital LLC now owns 13,355 shares of the shipping company’s stock worth $121,000 after purchasing an additional 2,423 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Teekay during the second quarter valued at $33,000. DGS Capital Management LLC lifted its position in shares of Teekay by 5.2% in the 4th quarter. DGS Capital Management LLC now owns 66,414 shares of the shipping company’s stock valued at $600,000 after acquiring an additional 3,261 shares in the last quarter. Finally, Concurrent Investment Advisors LLC boosted its stake in Teekay by 4.6% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 79,587 shares of the shipping company’s stock worth $796,000 after purchasing an additional 3,473 shares during the period. Institutional investors and hedge funds own 46.73% of the company’s stock.

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.