Teekay (NYSE:TK) Raised to Buy at Wall Street Zen

Teekay (NYSE:TK) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings cut Teekay from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Teekay Stock Performance

Shares of Teekay stock opened at $13.20 on Friday. The firm’s 50-day simple moving average is $11.41 and its 200-day simple moving average is $11.97. Teekay has a twelve month low of $7.80 and a twelve month high of $14.38. The firm has a market cap of $1.15 billion, a P/E ratio of 6.35 and a beta of 0.23.

Teekay (NYSE:TK) last posted its quarterly earnings results on Friday, July 31st. The shipping company reported $0.79 earnings per share (EPS) for the quarter, topping 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 last year, the firm earned $0.22 earnings per share.

Insider Activity

In related news, Director Rudolph Krediet sold 41,457 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $11.45, for a total transaction of $474,682.65. Following the completion of the sale, the director owned 35,167 shares in the company, valued at $402,662.15. This trade represents a 54.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kenneth Hvid sold 6,822 shares of Teekay stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $12.04, for a total transaction of $82,136.88. Following the transaction, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at $1,270,220. This represents a 6.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 454,206 shares of company stock worth $5,541,325. Company insiders own 2.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Mercuria Capital Strategies LLC bought a new position in shares of Teekay in the fourth quarter valued at about $11,091,000. Allspring Global Investments Holdings LLC grew its holdings in Teekay by 58.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock worth $33,796,000 after acquiring an additional 1,029,977 shares during the last quarter. Millennium Management LLC grew its holdings in Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after acquiring an additional 720,093 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in Teekay during the 4th quarter worth about $4,066,000. Finally, HRT Financial LP acquired a new stake in Teekay in the 4th quarter valued at about $2,996,000. 46.73% of the stock is owned by institutional investors and hedge funds.

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.