Teekay (NYSE:TK) Releases Quarterly Earnings Results, Beats Estimates By $0.68 EPS

Teekay (NYSE:TK) issued its quarterly earnings results on Wednesday. The shipping company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.68, RTT News reports. Teekay had a net margin of 13.03% and a return on equity of 6.36%. During the same quarter last year, the firm earned $0.22 EPS.

Teekay Stock Up 1.6%

Teekay stock traded up $0.18 during trading hours on Wednesday, reaching $11.46. 582,098 shares of the company’s stock were exchanged, compared to its average volume of 590,721. The firm’s 50 day simple moving average is $11.49 and its 200 day simple moving average is $11.70. Teekay has a twelve month low of $7.11 and a twelve month high of $14.38. The firm has a market capitalization of $994.06 million, a PE ratio of 7.59 and a beta of 0.22.

Teekay Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TK shares. Wall Street Zen downgraded Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings lowered Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Teekay has a consensus rating of “Hold”.

Insiders Place Their Bets

In related news, Director Simon Heidi Locke sold 18,119 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $12.37, for a total transaction of $224,132.03. Following the completion of the sale, the director owned 47,582 shares of the company’s stock, valued at $588,589.34. This trade represents a 27.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brody Speers sold 5,500 shares of Teekay stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $12.15, for a total value of $66,825.00. Following the completion of the sale, the chief financial officer owned 3,364 shares of the company’s stock, valued at approximately $40,872.60. The trade was a 62.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 408,818 shares of company stock valued at $5,014,530. Insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Teekay

A number of institutional investors and hedge funds have recently modified their holdings of TK. Transamerica Financial Advisors LLC increased its stake in shares of Teekay by 250.8% in the 4th quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 3,130 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in Teekay during the fourth quarter worth $43,000. Cubist Systematic Strategies LLC bought a new position in Teekay during the first quarter worth $48,000. Tower Research Capital LLC TRC grew its holdings in Teekay by 194.8% in the second 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 during the period. Finally, Osaic Holdings Inc. grew its holdings in Teekay by 1,008.8% in the second quarter. Osaic Holdings Inc. now owns 10,456 shares of the shipping company’s stock worth $86,000 after purchasing an additional 9,513 shares during the period. 46.73% of the stock is currently owned by institutional investors.

Teekay Company Profile

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.