Teekay (NYSE:TK) Announces Earnings Results

Teekay (NYSE:TK) posted its quarterly earnings results on Wednesday. The shipping company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44, Zacks reports. Teekay had a net margin of 10.33% and a return on equity of 4.76%.

Teekay Stock Down 1.3%

Shares of TK stock traded down $0.17 during mid-day trading on Wednesday, reaching $13.26. The company’s stock had a trading volume of 728,672 shares, compared to its average volume of 574,001. The company’s 50 day simple moving average is $12.52 and its 200-day simple moving average is $10.86. Teekay has a 12-month low of $7.11 and a 12-month high of $14.38. The firm has a market capitalization of $1.15 billion, a PE ratio of 11.73 and a beta of 0.23.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Teekay from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Institutional Investors Weigh In On Teekay

Hedge funds have recently modified their holdings of the stock. Transamerica Financial Advisors LLC grew its holdings in Teekay by 250.8% during the 4th quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock valued at $40,000 after purchasing an additional 3,130 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in Teekay during the 4th quarter valued at $43,000. Cubist Systematic Strategies LLC acquired a new stake in Teekay during the 1st quarter valued at $48,000. Tower Research Capital LLC TRC grew its holdings in Teekay by 194.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock valued at $63,000 after purchasing an additional 5,022 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Teekay by 1,008.8% during the 2nd quarter. Osaic Holdings Inc. now owns 10,456 shares of the shipping company’s stock valued at $86,000 after purchasing an additional 9,513 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.