Teekay (NYSE:TK) Trading Down 5.9% – What’s Next?

Shares of Teekay Corporation Ltd. (NYSE:TK) were down 5.9% on Wednesday . The stock traded as low as $12.75 and last traded at $12.5780. 35,844 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 579,613 shares. The stock had previously closed at $13.36.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TK shares. Weiss Ratings cut shares of Teekay from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Teekay from a “hold” rating to a “buy” rating in a research note on Saturday. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Teekay Stock Performance

The company has a 50-day moving average of $11.46 and a 200-day moving average of $12.01. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 5.95 and a beta of 0.23.

Teekay (NYSE:TK) last posted its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates 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 business posted $0.22 earnings per share.

Insider Buying and Selling

In other Teekay news, Director Rudolph Krediet sold 41,457 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $11.45, for a total value of $474,682.65. Following the transaction, the director directly owned 35,167 shares of the company’s stock, valued at approximately $402,662.15. The trade was a 54.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brody Speers sold 2,350 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $13.10, for a total transaction of $30,785.00. Following the completion of the transaction, the chief financial officer directly owned 1,014 shares in the company, valued at $13,283.40. This represents a 69.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 454,206 shares of company stock worth $5,541,325 over the last three months. 2.38% of the stock is owned by company insiders.

Institutional Trading of Teekay

Several hedge funds and other institutional investors have recently made changes to their positions in TK. Public Employees Retirement System of Ohio purchased a new position in shares of Teekay during the 2nd quarter worth approximately $33,000. Transamerica Financial Advisors LLC raised its position in Teekay by 250.8% in the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock worth $40,000 after acquiring an additional 3,130 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Teekay in the fourth quarter worth $43,000. Cubist Systematic Strategies LLC acquired a new stake in Teekay in the first quarter valued at $48,000. Finally, CWM LLC lifted its holdings in Teekay by 34.2% in the fourth quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock valued at $51,000 after acquiring an additional 1,449 shares during the period. Hedge funds and other institutional investors own 46.73% of the company’s stock.

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.