Teekay (NYSE:TK) Trading Down 3.5% – Time to Sell?

Teekay Corporation Ltd. (NYSE:TK) shares were down 3.5% during mid-day trading on Tuesday . The company traded as low as $13.53 and last traded at $13.8620. Approximately 88,153 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 581,623 shares. The stock had previously closed at $14.36.

Wall Street Analysts Forecast Growth

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

Teekay Stock Performance

The company has a market capitalization of $1.21 billion, a P/E ratio of 6.68 and a beta of 0.25. The business’s fifty day simple moving average is $12.47 and its 200-day simple moving average is $12.28.

Teekay (NYSE:TK) last released its quarterly earnings results on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.68. Teekay had a return on equity of 7.91% and a net margin of 15.78%.During the same quarter 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 business’s stock in a transaction 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 transaction, the chief executive officer owned 105,500 shares in the company, valued at $1,506,540. The trade was a 55.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heidi Simon sold 11,585 shares of the company’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $14.08, for a total transaction of $163,116.80. Following the completion of the transaction, the director owned 46,001 shares in the company, valued at approximately $647,694.08. The trade was a 20.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 190,257 shares of company stock worth $2,593,468 over the last three months. 2.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in Teekay by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company’s stock worth $66,004,000 after purchasing an additional 79,826 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Teekay by 58.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after buying an additional 1,029,977 shares during the last quarter. Mercuria Capital Strategies LLC acquired a new position in shares of Teekay in the 4th quarter valued at $11,091,000. Empowered Funds LLC raised its stake in Teekay by 8.0% in the 1st quarter. Empowered Funds LLC now owns 511,686 shares of the shipping company’s stock worth $6,248,000 after acquiring an additional 37,800 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its position in Teekay by 3.0% during the 1st quarter. Ritholtz Wealth Management now owns 159,128 shares of the shipping company’s stock worth $1,943,000 after acquiring an additional 4,630 shares during the period. 46.73% of the stock is currently owned by hedge funds and other institutional investors.

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.